The Real Deal New York

Court Square’s boom suffers from lack of retail, but developers see opportunity to bridge gap

February 20, 2013 09:30AM

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10 Court Square in Long Island City

Long Island City’s Court Square may be experiencing a residential boom, but the area still suffers from a lack of retail development, DNAinfo reported.

More than 3,500 residential units are set to rise in the area over the next five years, and housing prices have shot up by nearly 30 percent in the last three years. But the neighborhood, lacking basic residential amenities such as pharmacies, grocery stores and retail stores, still gives off an industrial vibe, those familiar with the area told DNAinfo.  “In this particular neighborhood, past 10 o’clock, it’s sort of a dead zone,” said Hector Medina, who works in the high-rise office tower Court Square Place. 

David Maundrell, president of aptsandlofts.com, which is marketing the 142-unit luxury building 27 on 27th, told DNAinfo that “one challenge with this building is the location, because the residential infrastructure is still coming along.”

But there are signs that developers will step up to bridge the retail gap. Justin Elghanayan’s Rockrose Development Corporation, which is building about 2,500 new housing units in the area over the next few years, is also planning a number of retail projects, including a 15,000-square-foot high-end supermarket at 43-10 Crescent Street, at the base of a luxury residential tower called Linc LIC. Rockrose is also leasing a garage space in the area to eatery M. Wells, which has plans to open a steakhouse there.

Another line of buildings along Jackson Avenue is being reserved for retail tenants, Elghanayan told DNAinfo.
“Instead of knocking them down, we decided to preserve them and make them into funky retail spaces,” he said. “We’re thinking about doing a beer hall, a music venue, some restaurants — and that’s just what we’re doing.”

He added that given Court Square’s strong office presence and proximity to cultural attractions such as the MoMA PS1, retail development would be expedited. This neighborhood’s time has come, and everyone is sensing that.” [DNAinfo]  –Hiten Samtani

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