Residential real estate growth in Long Island City and Astoria has outpaced the
city as a whole, with the area’s housing stock rising 4.8 percent from
2002 to 2008, compared to the citywide rate of 3.6 percent. A total of
3,640 apartment units were added to the two Queens neighborhoods during
the six-year period, according the U.S. Census Bureau’s Housing and
Vacancy Survey. Much of the borough’s growth has been attributed to the
massive Queens West development and Hunters Point South, a site which
was considered as an Olympic Village contender for the 2012 games. The
Queens West development encompasses 40 acres of the Long Island City
waterfront and includes seven fully-completed residential towers, while
the Hunters Point development aims to be the city’s largest affordable
housing complex since the 1970s, with 5,000 residential units planned.
“We are not surprised to see this type of residential development,”
said Gail Baron, president of the Long Island City Business Development
Corporation. “When you’re five minutes from Midtown Manhattan, it makes
sense.” [Crain's]
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