Long Island City (LIC) is an exciting market to focus on right now because of how rapidly it is changing. Historically, it was predominantly known as a major manufacturing hub due to its numerous warehouses and industrial properties, primarily used for storage and transporting goods. Even with its industrial atmosphere, there were a handful of visionaries who saw the great potential in LIC because of its ample space and proximity to Manhattan. As a result of work these visionaries, today LIC has transformed its reputation, emerging as one of the fastest-growing neighborhoods in NYC and attracting a diverse demographic of working professionals and young families. Between 2010 and 2020, LIC’s population surged by 40%, a rate five times higher than New York City’s average growth. In just the past year, 32 new businesses have opened in LIC.
With the ongoing housing shortage and escalating home prices in Manhattan, many are turning to the outer boroughs for housing options. LIC has become particularly desirable as it offers a modern urban environment complete with residences, schools, businesses, and public parks, coupled with convenient public transportation options to Manhattan and Brooklyn.
The Schack Blueprint team had the privilege of touring Noble LIC, a new condominium development actively under construction in Long Island City, located at 27-09 40th Avenue, a short walk from Queensboro Plaza subway station. Construction began approximately five years ago, and the project is on track to be completed this spring. Patrick Smith, an NYU MSRED Graduate, is responsible for the marketing and business development of the project. He led the tour and highlighted some of the unique features of the property. Once completed, there will be 46 residential units with 66% of them being one-bedroom units and 33% of them being two-bedroom units. This breakdown was strategically designed based on the target demographic that is looking to purchase real estate in LIC. 100% of the units include private outdoor space, in-unit washers and dryers, and the use of Latch, a state-of-the-art keyless entry system offering remote intercom access and package room entry. Patrick explained that all of the apartments will officially hit the market in June, but that so far there have already been over 10 offers on units.
Gus Vorillas and Tony Raouf of First Elite Management are the Developers and Sponsors overseeing the project. They met with the group to discuss their initial vision for the property and how it has evolved over the last five years of development. They shared insights into how they navigated changes and challenges that arose throughout the process. Since they started on the property five years ago, they have dealt with numerous obstacles such as supply-chain disruptions, labor shortages, and major shifts in the market. Hearing their story and then touring the ~80% completed property served as a true testament to their persistence, hard work, and tenacity. The entire project was incredibly designed with clear thought put into every detail and finish. Additionally, they revealed their plans for the second floor of the building to serve as commercial space, headquartering their development office and an onsite property management team. This decision, though uncommon in residential Condominium buildings, further underscores their pride in the work they have done and the building they have created.
Ultimately, the development of Noble LIC is a pivotal moment for Long Island City because it epitomizes the incredible transformation of the neighborhood. Various industry leaders, all drawn by the growth and innovation came together to work on this project. LIC continues to redefine what is possible in an evolving city and it will only continue to prosper and thrive in years to come.
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