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Long Island City’s Apartment Boom Continues
Long Island City’s residential development boom of recent years is, if anything, picking up the pace. The LIC Partnership reported that the neighborhood saw 15,100 residential units in 2017, compared to 11,900 units completed in 2016 and 10,900 in 2015.
The partnership said that LIC is projected to have 15,700 more residential units completed by the end of 2018, including 12,600 rentals and 3,100 condominiums. Condos could figure more prominently in the inventory within a few years: nearly 9,000 units have been proposed for 2020 and beyond.
Developers are not only accommodating people who plan to reside in the neighborhood on a long-term basis; hotel development is also on the rise in LIC. The neighborhood’s current inventory of 32 hotels with a total of 3,200 keys could more than double if all of the projects in planning or under construction are completed.
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- ◦Development
