Real Estate
NYTimes Plans Move to LIC
The New York Times Company signs lease for
office space at Court Square Place
BY BILL PARRY
The Old Gray Lady is setting
up shop in Long Island City.
JRT Realty Group, the largest
certified woman-owned
commercial real estate services firm in
the United States, has announced that The
New York Times Company has signed a
lease for three full floors at Court Square
Place, located at 24-01 44th Rd. The
Times, which has been expanding its
workforce in recent years, plans to relocate
350 employees from its headquarters
building at 620 Eighth Ave. in Manhattan.
The New York Times Company’s
lease will occupy the entire ninth, 10th
and 11th floors at Court Square Place
for a 15-year term. The deal brings the
sleek office building to 100 percent
occupancy.
Robert Mitchell of Byrnam Wood
represented The New York Times Company
in the transaction. Ownership was
represented by Greg Smith and Lauren
Calandriello of JRT Realty Group.
“The strength of the Long Island
City office market remains stellar, and
The New York Times’ arrival is a prime
example of the area’s broadening appeal
to diverse companies,” JRT Realty
Group President Greg Smith said. “Court
Square Place has been at the forefront
of Long Island City’s growth, and attracting
How to Strike
the Best Deal
Buying in a New Development
18 AUGUST 2019 I LIC COURIER I www.qns.com
a global brand of The New York
Times’ stature continues that trend.”
JRT has managed the leasing and
marketing of Court Square Place, which
was first constructed more than a decade
ago. The property is owned by the
United Nations Federal Credit Union.
“We are honored to welcome The New
York Times Company to Court Square
Place and proud at the continued success
at the property,” said Michael LaFrance,
AVP Facilities and Real Estate of UNFCU.
“The arrival of one of the world’s most
influential news organizations and media
brands demonstrated the tremendous upside
of investment in Long Island City. This
transaction is certainly a sign of the times.”
Courtesy of JRT Realty Group
Long Island City continues its remarkable evolution
as one of New York’s hottest, most exciting
neighborhoods. The massive building spree that
has sparked the re-imagination and transformation
over the past decade continues with as much
energy as ever. Cranes in the sky, trucks, materials,
and workers on the ground, and scaffolding
seemingly everywhere.
No wonder so many have flocked to show rooms
and open houses to see what LIC is all about. For
many buyers, the story they are living out involves
buying into a new development. People like new. In
LIC, there is plenty to choose from – of the roughly
160 active listings on the market today, 92 units
are in buildings under construction or recently
completed. This doesn’t reflect units that have not
yet been released by the developer – so there is
actually more inventory buyers can pursue.
Prices of active new dev condo inventory range
from $515,000 for a 496-square foot studio to
$2,480,000 for a 2-br/2-bath with two terraces.
The average price per square foot for new inventory
is about $1,356. This compares to resale condo
options that range from $635,000 for a studio
with a private terrace to $3,988,000 for a 2,260 sf
waterfront penthouse. The average ppsf for resale
options is about $1,251.
There are a few things every buyer can do to give
themselves a fair shot at striking the best deal. The
key is a combination of knowledge and preparation.
The winning buyer will understand the supply
and demand dynamics at play in the market of
interest. This can often be assisted by working
with a skilled, experienced agent to help guide the
process and ask the questions a buyer might not
think to ask. The developers have their brokers;
you should have yours.
The winning buyer will have a good idea about
what they want in terms of location, size, and style
and the buyer should have a sense of the level of
quality they demand, from finishes, to appliances,
to the craft of the builders. The winning buyer will
be decisive and not delay in pursuing what they
want – chances are they are not the only one
interested in the same unit. The winning buyer will
ask to see every floor plan in the size home they
are seeking –the showing agent may not show you
the apartment that will excite you. That doesn’t
mean it doesn’t exist. It might. Ask.
Making the winning offer requires specific
attention to the actual building. Consider its value
relative to other available options. Make sure the
building offers the location, services, and amenities
you want. Understand that a building that
offers exceptional quality and more and better services
and amenities will command higher prices
during initial sale and most likely in a resale down
the road. Factor in the relative monthly costs of
common charges and real estate taxes. If there
is a tax abatement offered, expect the developer
to place a value on the abatement and push
pricing higher.
The winning buyer will be aggressive in making
an offer that is appropriate under market
conditions. The winning buyer will define “winning”
on his or her terms – for many, getting the home
they truly desire is the victory. For others, the game
is about extracting concessions when possible. No
buyer wins by making an offer that does not get
accepted and does not result in landing their
dream home.
Being aggressive in your bid depends on the
market. In a strong sellers’ market, this means
stepping up your offer; in a buyers’ market, this
means seeking concessions on price. While many
developers are reluctant to accept offers below
the asking price, if the conditions are right, they
may be agreeable to paying transfer and mansion
taxes, as well as their own legal fees, all of which
are typically assigned to the buyer. In today’s
environment, buyers should not be shy in
seeking concessions. Connect with Robert at
rwhalen@halstead.com
Robert Whalen
Executive Director of Sales
Halstead Real Estate
47-12 Vernon Blvd, LIC, NY
/www.qns.com
link
/www.qns.com
link
