Hunter’s Point sees wave of new development

Jul.July 29, 2011 02:56 PM

The Hunters Point section of Long Island City is experiencing a boom in new development, NY1 reported, with $700 million of construction happening inlcuding four new residential towers in the works.

“This all used to be industrial waterfront, much of it abandoned. Now we have 10 acres of beautiful waterfront park land, five residential buildings, a public school and a lot more coming on the way,” said President Paul Januszewski of the Queens West Development Corporation.

Since development began in 1997, Januszewski said, Hunter’s Point has experienced a major transformation. By the time of its completion in 2013, the area will have 11 residential buildings, two public schools, a park and a public library.

Mark Greenley, a sales director at Long Island City-based Modern Spaces, said Long Island City is becoming popular with potential homebuyers.

“We are seeing a tremendous amount of sales and lease-ups. In fact, our absorption rate is great. Our vacancy rate is maybe about 2 to 3 percent,” he said. [NY1]

Related Articles

133-25 37th Avenue in Flushing

Developer Gary Tsan buys Flushing property for $60M

The Real Deal interviews TF Cornerstone's Tom Elghanayan at REBNY's 124th annual banquet.

TF Cornerstone exec: How I got over Amazon dumping LIC

A photo illustration of Michael Gianaris and Jeff Bezos (Credit: Getty Images, Wikipedia, iStock)

Gianaris wants to reform NYC tax credit programs that drew Amazon

27-34 Jackson Avenue and Rockrose's Justin Elghanayan

Rockrose plans a $100M resi tower in LIC

South Carolina town puts moratorium on development (Credit: iStock)

The high cost of low taxes: South Carolina town bans all development for 16 months

Amazon CEO Jeff Bezos and Tesla CEO Elon Musk with Long Island City (Credit: Getty Images, Wikipedia)

Amazon insiders: HQ2 campaign driven by Bezos’ ego, subsidy envy

U.S. Rep. Alexandria Ocasio-Cortez and Sunnyside Yards (inset) (Credit: Getty Images and Wikipedia)

AOC resigns from Queens megadevelopment steering committee

45-10 19th Avenue in Long Island City (Credit: Google Maps)

Broadway Stages plans another Queens film studio