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Healthy Hotel, Multifamily Pipeline in LIC

NEW YORK CITY—The residential pipeline in Long Island City is dominated by rental apartments, which total more than 21,300.

By John Jordan | johnjordan | | Updated on April 11, 2016
Participants of a roundtable discussion of the Long Island City Partnership L to R: Steve Klein, Brickman Real Estate; Gary Kesner, LIC Partnership and Silvercup Studios; Shibber Khan, Criterion Group; Paul Neuman, Neuman’s Kitchen; Elizabeth Lusskin,  LIC Partnership; David Brause, Brause Realty and Ravi Patel, Ravel Management Group.
NEW YORK CITY—One of the hottest markets in the outer boroughs is the Long Island City section of Queens, where developers are poised to significantly expand both the multifamily and hotel stock there. According to figures supplied by the Long Island City Partnership , the total number of multifamily projects either under construction or in the planning stage totals more than 22,500. The residential pipeline in Long Island City is dominated by rental apartments, which total more than 21,300. In the past six years, 10,845 residential units have been added in LIC, including 8,113 rental apartments. The Long Island City Partnership last week released a host of data on LIC’s real estate market at its annual real estate breakfast, held at the Con Edison Learning Center in Long Island City. “Each year more than the last, Long Island City continues to be a hot spot for commercial and residential activity,” said Elizabeth Lusskin , president of the LIC Partnership. Long Island City’s hotel development pipeline is equally as impressive. Currently, there are 27 operating hotels totaling more than 2,500 rooms in Long Island City. In the pipeline at the moment are 36 hotel projects that are either being built or in the planning stage. If all those projects were built, the developments would add more than 5,000 hotel rooms to the Long Island City market, according to Long Island City’s Real Estate Snapshot report. The partnership breakfast also featured a panel discussion entitled “Identifying Opportunity in Long Island City’s Evolving Market.” Panelists included: David Brause , president, Brause Realty ; Shibber Khan, EVP, Criterion Group ; Steve Klein , CIO, Brickman Real Estate ; Paul Neuman , founder and president, Neuman’s Kitchen and Ravi Patel , CEO, Ravel Management Group . The development potential of Long Island City and the borough of Queens was highlighted at a recent CREW luncheon . Developers at the event maintained that sections of Queens are expected to benefit from the hotel boom now taking place.

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