LIC development, sales may slow post-Sandy
Despite weathering Hurricane Sandy relatively well — few power loses and little flooding — Long Island City may be one of the storm’s victims. According to the New York Daily News, banks, insurers, buyers and developers may begin to shy away from investing in Long Island City simply because it was in evacuation Zone A.
While Long Island City is not expected to be pulled off investors’ radar for long — with the push to develop waterfront property continuing even after Sandy —securing financing in Zone A may continue to prove difficult.
Moreover, developers are beginning to rethink the way to build in areas susceptible to flooding, which could mean longer planing and construction times.
“What [Sandy] may do is slow down sales activity in harder hit areas,” said Jonathan Miller, real estate appraiser and head of Miller Samuel . But if a storm of this magnitude “happens again in short order, then all bets are off.” [NYDN] — Christopher Cameron