Despite the struggling retail market, restaurants are in high demand in LIC

Survey shows residents are hungry for more dining options

TRD New York /
Jul.July 24, 2017 01:10 PM

Long Island City

As retail flounders in Manhattan, demand for new restaurants in Long Island City seems to be on the rise.

According to a survey conducted by the Long Island City Partnership, which operates the area’s business improvement district, restaurants are the most needed type of brick-and-mortar retail in the neighborhood. Forty percent of the more than 1,300 surveyed reported going to a bar or restaurant in the area one to three times a month. One-third of those surveyed said they went to these places one to three times a week.

“An entirely new market for retail is being created in all of these buildings,” Elizabeth Lusskin, president of the Long Island City Partnership, told the Wall Street Journal. “Retail is extremely important to people here, and they want more of it, better access and they want the kind of retail that is not replacing things online, but things they want right away.”

One of the main forces driving this demand is the high volume of new residential construction in the neighborhood. The partnership estimates that 22,000 apartments are planned or under construction in Long Island City — nearly 9,000 of which is expected to be completed this year. By 2020, more than 465,000 square feet of retail development is expected to be completed. [WSJ] — Kathryn Brenzel


Related Articles

arrow_forward_ios
Clockwise from top left: 312 West 34th Street, 61 North 9th Street, 639 Classon Avenue, and One Fulton Square (Credit: Google Maps)

These were the top 10 NYC retail leases in July

These were the top 10 NYC retail leases in July
Ricky's at 830 Broadway (Credit: NYC Go)

Ricky’s, iconic NYC beauty shop, faces
more closures

Ricky’s, iconic NYC beauty shop, faces
more closures
From top, clockwise: Cushman & Wakefield's Joanne Podell, Showfields' Amir Zwickel, Appear Here's Josh Yentob, Brookfield Properties's Mark Kostic (Credit: Getty, LinkedIn)

When it comes to retail, “real estate in New York is fundamentally broken”

When it comes to retail, “real estate in New York is fundamentally broken”
Photo illustration of Sen. Brian Kavanagh (Credit: Kavanagh by Albin Lohr-Jones/Pacific Press/LightRocket, Getty Images, iStock)

Lawmakers skip #CancelRent in favor of more modest bills

Lawmakers skip #CancelRent in favor of more modest bills
The process for challenging property assessments is so antiquated, officials won’t do Zoom meetings. (iStock)

“A recipe for disaster”: Fighting property taxes in a pandemic

“A recipe for disaster”: Fighting property taxes in a pandemic
Andrew Florance, CEO of CoStar (Photo by Jeffrey MacMillan for the Washington Post)

EXCLUSIVE: CoStar’s Andy Florance on buying Ten-X, the future of office buildings and why brokers don’t need discounts

EXCLUSIVE: CoStar’s Andy Florance on buying Ten-X, the future of office buildings and why brokers don’t need discounts
An institutional investor’s sale of a 7 percent stake in an exchange-traded real estate fund reveals deep concerns about the sector. (Credit: iStock)

Mystery investor dumps big stake in real estate fund

Mystery investor dumps big stake in real estate fund
Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off
arrow_forward_ios

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

Loading...