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]