Hunter’s Point sees wave of new development

TRD New York /
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

arrow_forward_ios
From left: Donald Trump (pictured in the 1980s), Steve Ross, Charles Kushner, Harry Macklowe with (inset) Hiten Samtani and Charles Bagli (Getty, Sasha Maslov)

Scoundrels of the skyline: Charles Bagli on the most colorful characters in the real estate biz

Scoundrels of the skyline: Charles Bagli on the most colorful characters in the real estate biz
Vishaan Chakrabarti of Practice for Architecture and Urbanism and Hiten Samtani of The Real Deal (Getty)

Vishaan Chakrabarti on a Manhattan real estate market without private cars

Vishaan Chakrabarti on a Manhattan real estate market without private cars
Vishaan Chakrabarti of Practice for Architecture and Urbanism and Hiten Samtani of The Real Deal (Getty)

The REInterview: What if Manhattan had four Central Parks’ worth of land to play with?

The REInterview: What if Manhattan had four Central Parks’ worth of land to play with?
Penthouse at 46-30 Center Boulevard (Compass, Google Maps)

LIC penthouse deal is priciest Queens sale in two years

LIC penthouse deal is priciest Queens sale in two years
Social Construct CEO Ben Huh, The Real Deal's Hiten Samtani and Social Construct cofounder Michael Yarne

The REInterview: Social Construct’s founders on making multifamily construction an assembly line

The REInterview: Social Construct’s founders on making multifamily construction an assembly line
2870 Ocean Avenue in Sheepshead Bay (Google Maps)

Chetrit firm to acquire Sheepshead Bay development site

Chetrit firm to acquire Sheepshead Bay development site
Alexandria Real Estate Equities founder Joel Marcus and Alexandria Center for Life Sciences (Getty, Google Maps)

Life-sciences sector proves safe haven for landlords

Life-sciences sector proves safe haven for landlords
123 West 23rd Street and Adam Neumann (Google Maps; Getty Images)

Adam Neumann, Jeff Dagowitz get $75M refi for Chelsea dev site

Adam Neumann, Jeff Dagowitz get $75M refi for Chelsea dev site
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...