Posted Feb 17, 2013, 1:50 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
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http://www.nydailynews.com/new-york/...icle-1.1266244
Court Square in Queens has become a hot market for residential development
What is now a commercial zone is expected to see more than 3,000 homes built in the next several years
By Jason Sheftell
February 16, 2013
Quote:
A real estate explosion in Court Square has catapulted this once sleepy commercial and manufacturing zone into one of New York City’s fastest growing neighborhoods.
Over 3,500 residential units are expected in the Queens enclave over the next five years with housing prices up almost 30% in the last three years. The area has an emerging food scene along with a strong local arts movement.
“It’s definitely become the new ‘it’ neighborhood for Queens,” said Eric Benaim, who lives in the neighborhood and founded Modern Spaces, a real estate agency with roots in the borough. “Artists and families know they get more for their dollar than Brooklyn and Manhattan. It’s still gritty and cool with great value.”
Less than 12 minutes by train to midtown and Williamsburg, the streets of Court Square are full day and night with people coming and going, and staying.
New York-based Rockrose Development invested almost $1 billion in Court Square with four projects in construction and development. The 700-plus unit rental building Linc LIC comes first. It has a snazzy 30th floor tenant lounge and roof deck with skyline views. A 15,000-square-foot supermarket is expected with plans for first-class music venue.
“This could become one of the great New York City entertainment hubs,” said Rockrose president Justin Elghanayan, who said the Linc will be ready for move-ins by this summer. “The neighborhood has it all – easy transportation to Manhattan, great culture, and room to grow.”
“It’s been one more epic happening after another for Court Square,” said Dan Miner, senior vice president for the Long Island City Partnership, a group devoted to growing the area. “JetBlue’s coming – boom. CUNY Law School – boom. The food scene – boom. Most neighborhoods would just need one of these things.”
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