Long Island has long been satisfied with its suburban reputation, and efforts to subvert the norm and “Queensify” it have been steadily and staunchly stamped out over the years. But the tide on the Island has turned. Like other suburban areas outside New York City — and across the U.S. — Long Island has decided that a somewhat more urban future is critical to its success.
In the second annual issue of The Real Deal’s Long Island Market Report, we explore the social and economic drivers behind this shift in attitude, and take an in-depth look at some of the dense, transit-oriented projects moving forward on the Island formerly known as the “Land of No.” See page 22. And, for more insights into the trend, see page 34 for our Q&A with multifamily planners, lenders and developers.
The need for this new housing is clear — several brokers told TRD that the demand from first-time homebuyers in several areas is far outpacing supply (see page 8). We further investigate the residential market on page 28 with a ranking of the top 50 Long Island brokerages outside the South Fork, plus a look at the strategies they use to grow their market share.
But housing isn’t the only thing in short supply on Long Island. The push into suburbia also means that vacancy rates in office and industrial space are at historic lows. On page 38, read our report on those markets, which includes rankings of the biggest office leases and top building sales.
For more commercial news, see our hotel market story on page 32, which examines worries that all the new hotel construction will bring more rooms online than the market can support. And beginning on page 12, we look at the new deals on Long Island’s most prominent retail strips, as well as some of the most successful long-term leases on those thoroughfares.
While there is already a flurry of development activity on Long Island, more could be on the way, thanks to infrastructure improvements proposed by Gov. Andrew Cuomo (page 46). Speaking of improvements, the new Nassau Coliseum will soon make its debut, and local brokers are psyched about what that means to Uniondale and the surrounding area — read about that on page 10.
And lest we forget the Hamptons, check out our summer rental preview — along with the priciest South and North Fork deals — on page 18.
Enjoy the issue!