Long Island City CBD

I I I I I
2011
LONG ISLAND CITY
Overview
Long Island City (LIC) is buzzing due to the 2001 rezoning of 37 blocks in the central
business district (CBD). The neighborhood is notable for its rapid residential development,
waterfront parks, and thriving arts community. Opportunities to develop office space at
rents significantly lower than those of nearby Midtown Manhattan make LIC an
affordable and competitive location for many businesses. Several major development
projects have spearheaded LIC’s redevelopment, including Tishman Speyer’s 3.5 million
square feet Gotham Center and Rockrose’s 800,000 square feet 10 Court Square project.
The rezoning and consequent new development is estimated to have added 30,000 new
daily office workers and 35,000 new residents to the area in the last decade.
Met Life Building
Office Market Snapshot1
Number of Existing Buildings: 122
Office Market
Located less than ten minutes from Midtown Manhattan, LIC is an ideal location for a
variety of businesses. The 2001 rezoning allowed for substantial mixed-use development,
creating new opportunities for growth. What was once a collection of large industrial
buildings and parking lots is fast becoming an edgy office market bordered by galleries,
art museums, and a burgeoning residential community.
Total Square Feet (RBA):
7.2 million
Available Direct Lease Space:
886,000 SF
Available Sublet Space:
298,000 SF
Under Construction:
662,000 SF
Class A Office Space
Number of Buildings:
Two primary districts — Queens Plaza and Court Square — make up the 37-block CBD,
with Jackson Avenue serving as the main thoroughfare connecting the two. East of the
CBD, many large, former industrial buildings are being repurposed for office or light
industrial use. They provide a low-priced alternative to the newer, Class A buildings found
in the LIC CBD or in nearby Midtown Manhattan.
6
Total Square Feet (RBA):
1.8 million SF
Vacancy Rate:
33%
Average Rental Rate:
$36 / SF
Class B/C Office Space
Many high-profile companies have already discovered the benefits of LIC, including
Citigroup, HSBC, JetBlue, MetLife, Silvercup Studios, United Nations Federal Credit Union,
and Barclays.
Number of Buildings:
116
Total Square Feet (RBA):
5.4 million SF
Vacancy Rate:
5%
Average Rental Rate:
$23 / SF
Select Real Estate Opportunities
BUILDING
ADDRESS
CLASS
TYPE
One MetLife Plaza
27-01 Queens
Plaza North
A
Sublease
Available Commercial Incentives*
I
Commercial Expansion Program (CEP)
Energy Cost Savings Program (ECSP)
Bridge Plaza Office Center
2350 Fifth Avenue
A
Direct
I
The Center Building
33-00-33-20
Northern Blvd.
B
Direct
I
Industrial and Commercial Abatement Program (ICAP)
I
Relocation and Employment Assistance Program (REAP)
I
See www.nyc.gov/businessexpress for more
City View Center
36-36 33rd Street
B
Direct / Sublease
Court Square Center
36-36 33rd Street
B
Direct
1 Hunters Point Plaza
47-40 21st Street
A
Direct
information about incentive programs
* Subject to individual program requirements
View from Queens West
Retail Market
Amid Long Island City’s well known galleries and art museums, like PS 1
Contemporary Art Center and the Noguchi Museum, a vibrant retail community is
growing. All along the East River waterfront in Queens West and Hunters Point
South, developers are working to keep pace with demand as young artists,
business professionals, and families move in from all around the City. Planned
residential development will house as many as 50,000 new residents in the area.
The result is a burgeoning retail community centered mostly along Jackson Avenue
and Vernon Boulevard, popular corridors where dozens of new shops have opened
their doors in the last several years. Exciting bars and restaurants are springing up
next to new art and theater venues carved from the area’s classic industrial façade,
creating a new quality of life for residents and capturing the imagination of
developers throughout the City.
The Long Island City Partnership serves the CBD and surrounding areas by
advocating for economic development that benefits LIC’s industrial, commercial,
cultural, and residential sectors. Their goal is to attract and retain businesses,
welcome new residents and visitors, and promote a vibrant and authentic
mixed-use community. The LIC Partnership provides many valuable services that
help support the retail experience in LIC, such as removing refuse from the
sidewalks and streets of Queens Plaza and Jackson Avenue; providing nightly
security patrols along Queens Plaza and Jackson Avenue; hosting networking and
educational events; and facilitating graffiti removal.
72,133
Average Household Income
$70,400
$63,252
Aggregate Household Income
$174 million
$890 million
Median Housing Value
N/A
$392,000
R
FD
R
R
FD
QU
E
43
AV
$26 / SF
KI B R
$15 / SF
0
0
0.25
0.5 Kilometers
0.25
21 ST
Average Rent
(per square foot / year)
PU LA
S
1.79 million SF
ON
M SO
43 AV
N AV
QU EENS
AV
QN
M
IDT
O
WN
E XW
E
GR
Duane Reade
National Frontier Market
Court Square Diner
Harry’s at Water Taxi Beach
Emily Spa
C-Town Supermarket
LIC Bar
Studio Square Beer Garden &
Event Space
Noguchi Museum
Dutch Kills Bar
Hunter’s Point Wines & Spirits
Sage General Store
EN
IN
PO
V
TA
Y
0.5 Miles
Who’s Here
Foodcellar & Co
BLVD
47 AV
SS BLVD
MC GUINNE
1 MILE RADIUS
876,00 SF
R
THO
46 AV
47 AV
S
CK
JA
.5 MILE RADIUS
EN
SB
OR
OB
LONG ISLAND CITY
Current Retail Environment
Total Retail SF (RBA)
T
N/A
WA
Y
21
S
Total Employees
AD
HALF-MILE RADIUS
EN
SB
OR
OB
R
14,057
QU
E
RD
36,747
2,474
T
FD
5,838
6S
RD
E5
1 MILE RADIUS
Total Households
FD
DR
BR
O
T
R
0S
1A
V
Demographics2
Total Population
ONE-MILE RADIUS
MANHATTAN
E6
.5 MILE RADIUS
RD
2A
V
3A
V
Queens West
Spokesman Cycles
Proposed Jackson Avenue Streetscape Improvements
QN
M
ID
TO
W
BQE BQE
N
EX
W
Y
Large-Scale Development Activity
Gotham Center
Tishman Speyer Properties is nearing
construction completion of Phase I of the
1.5 million square foot Gotham Center, a new
commercial office building on the former site of
a municipal parking garage and collection of
industrial buildings in Queens Plaza. Phase I will
complete 662,000 square feet of the project.
I
I
30-30 Northern Boulevard
Minskoff Equities is planning a 650,000
square foot commercial development along
Northern Boulevard, one block north of the
commercial core.
I
I
Commercial
Use:
Status: Planning
Use:
Office / Retail / Parking
Status: Construction
(expected completion 2011)
ABS Partners
10 Court Square
Rockrose Development Corporation is designing
a build-to-suit, SOM-designed commercial
800,000 square foot office building on a city
block in the Court Square area across from the
Citigroup building and the UNFCU building.
I
I
I
I
ABS Partners is brokering two large sites for
360,000 square feet combined on either side
of Northern Boulevard, one block north of
the central CBD.
Use:
Commercial / Retail
Status: Planning
Use:
Commercial or Industrial
Status: Planning
Queens West (Rockrose)
5 Pointz
Developer Jerry Wolkoff assembled an
entire city block between Jackson Avenue
and the Sunnyside Yards at the South end
of LIC for a 1 million square foot planned
mixed-use development.
Rockrose Development Corporation is building
the final stages of Queens West, a mixed-use
residential development along the East River
waterfront. The development will contain 7
towers with 3,200 residential units.
I
I
I
Use:
Commercial / Retail
Status: Planning
Jackson Avenue Streetscape / Queens Plaza Reconstruction
The Jackson Avenue project will include a new
landscaped median, enhanced amenities, and
improved open spaces. The Queens Plaza
project will create a new roadway redesign,
improved crossings and streetscape,
landscaped medians, a protected bikeway and
pedestrian path, and a 1.5-acre park.
I
I
I
Cost:
Use:
Status:
$50 Million
Recreation / Transportation
Construction
4300 Crescent
Rockrose Development Corp. shares a full city
block with the United Nations Federal Credit
Union building in the Court Square area.
I
I
Use:
Residential
Status: Construction
I
Use:
Residential / Retail
Status: Construction
Hunter’s Point South
Hunter’s Point South is a 5,000 square foot
proposed mixed-use, middle-income housing
development situated on 30 acres of prime
waterfront property in LIC. In addition to
housing, the new development on public land
also includes retail uses, community space, a
public school, public parkland (including
waterfront access), and accessory parking.
I
I
Use:
Residential / Retail / Recreation
Status: Planning
The Bronx
Roosevelt Island F
R
QU
EEN
SB
Manha an
OR
OB
ST
OR
OB
Queens
21
7S
T
E5
6S
T
E5
5S
T
Roosevelt Island
EN
SB
RD
R
E5
QU
E
FD
1A
V
LIC Map
R
36 Av N-Q
QU
E
EN
SB
O
RO
B
Staten Island
21 St - Queensbridge F
R
QU
E
43
Brooklyn
EN
AV
SB
O
RO
B
36 St M-R
39 Av N-Q
R
Long Island City
Queensboro Plz 7-N-Q
4300 Crescent
ABS Partners
30-30 Northern Boulevard
Gotham Center
Jackson Ave/Queens Plz Reconstruction
23 St - Ely Av E-M
10 Court Square
Queens West (Rockrose)
5 Pointz
47 AV
THO
M
SO N
43 AV
AV
33 St - Rawson St 7
40 St - Lowery St 7
47 AV
Sunnyside
Hunterspoint Av 7
21 ST
PULA
S
Hunters Point
CK
JA
21 St G
KI B R
Vernon Blvd-Jackson Av 7
V
NA
SO
Hunter’s Point South
QN
MI
DT
OW
N
EX
WY
ES
MC GUINN
Blissville
IDTOW
NE
X WY
AV
E
BQ
0.25
0
Greenpoint
0.5 Kilometers
Greenpoint
Ave G
V
0.25
ENPOINT A
GRE
0.5 Miles
KO
S
0
CIU
SZK
O
BR
BQ
E
S BLVD
T
OIN
ENP
GRE
QN M
References
1. CoStar
2. Demographics Now; CoStar
For additional information please visit www.nycedc.com/CBD or email RESolutions@nycedc.com.
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