JUNE 2014 | BOROMAG.COM | 33 We can also draw a comparison to the liveliness of both neighborhoods. While FiDi is considerably more developed and historical than LIC, they would both be considered “quieter” places to live. In both places, the majority of the real estate that is offered in the area is that of higher end, luxury living, most with extensive amenities. For the last several years, the Financial District has been the destination for the New Yorker seeking luxury living at a discount price. Construction in the area has added to the already annoying effort of transporting in the neighborhood, and the nightlife scene is almost non-existent, which makes for an extremely packed and bustling neighborhood during the day and somewhat of a ghost town at night. It is not one of the most desired neighborhoods in the city, which has made it difficult to keep the large number of luxury buildings at capacity. In turn, the cost of living in these buildings has been significantly less expensive than comparable units in more desired areas. This has been great for luxury consumers looking to get more bang for their budget. What we are seeing now, as the rest of the city fills to capacity, is that these excess units in these buildings are beginning filling up. The apartment prices are inching more and more to the fair market value of more desirable neighborhoods. The average price of renting a studio apartment in the Financial District in 2010 was $2,043/mo, whereas today it is $2,800/ mo. Finding a luxury studio apartment in LIC will be lighter on the prospective renters’ wallets, with the average LIC studio apartment renting for $2,300/mo. According to Suitey.com, there are currently almost 100 units for rent in Long Island City. With everything from movie screening rooms to indoor pools, rooftop decks, and tenant workout facilities, LIC’s hi-end buildings are reminiscent of self-contained cities. When these buildings were first being constructed in the earlier 2000s, developers had to make them rich in amenities to entice potential renters to live there. It most certainly worked. So much of the new appeal of the area lies in the lower cost of apartments, the quick commute into the city, and the comfort of living in new construction. This year, the neighborhood will likely see over 2,000 more apartments hit the market in the now thriving neighborhood. As the spread of these cruiseship-like buildings takes hold, we will see much of old LIC wither, and it is most likely for the best. As beautiful new construction building create a new skyline for Queens, developers will need new places to build and will be paying big bucks for the land that those warehouses are using. We will also likely start to see bidding wars for air rights so that the views that tenants pay such high dollar for are not obstructed by newer buildings. While there are definite similarities between FiDi and LIC, Long Island City will continue to take on characteristics that are distinctly its own. As more people come to Queens to seek out a home on the East River, we will see a stronger effort to preserve the artistic history of the area and brand it as a unique spot to call home in a city that never stays the same. Rock Rose Luxury Apartment in LIC
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