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.
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.
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.
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.
|Building||Class Type||Lease Type|
|One MetLife Plaza: 2701 Queens Plaza North||A||Sublease|
|Bridge Plaza Office Center: 29-28 41st Avenue||A||Direct|
|The Center Building: 33-00-33-20 Northern Boulevard||B||Direct|
|City View Center: 36-36 33rd Street||B||Direct/Sublease|
|Court Square Center: 45-18 Court Square||B||Direct|
|1 Hunters Point Plaza: 47-40 21st Street||A||Direct|
See www.nyc.gov/businessexpress for more information about incentive programs
|Number of Existing Buildings||122|
|Total Square Feet (RBA)||7.2 million SF|
|Available Direct Lease Space||886,000 SF|
|Available Sublet Space||298,000 SF|
|Under Construction*||662,000 SF|
|Number of Existing Buildings||6|
|Total Square Feet (RBA)||1.8 million SF|
|Average Rental Rate||$36 / SF|
|Number of Existing Buildings||116|
|Total Square Feet (RBA)||5.4 million SF|
|Average Rental Rate||$23 / SF|
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.
|1/2 MILE RADIUS||1 MILE RADIUS|
|Total Employees (Daytime Population)||N/A||72,133|
|Average Household Income||$70,400||$63,252|
|Aggregate Household Income||$174 million||$890 million|
|Median Housing Value||N/A||$392,000|
|1/2 MILE RADIUS||1 MILE RADIUS|
|Total Retail SF (RBA)||876,000||1.79 million|
|Average Rent (per square foot/year)||$15||$26|
Tishman Speyer Properties is nearing 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
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.
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.
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 Corp. shares a full city block with the United Nations Federal Credit Union building in the Court Square area.
Minskoff Equities is planning a 650,000 square foot commercial development along Northern Boulevard, one block north of the commercial core.
ABS Partners is brokering two large sites combined for 360,000 square feet on either side of Northern Boulevard, one block north of the central CBD.
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.
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.