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LIC, Astoria outpace city in residential growth

The Powerhouse in Queens West development

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]