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LIC102015

■REAL ESTATE Panel of experts talk Queens real estate trends at LIC conference BY KELLY MARIE MANCUSO The latest news and trends in the “World’s Borough” was the focus of a panel discussion, “From Food to Fashion: What’s Trending in Queens Real Estate” at the 2015 Real Estate Subway Series Queens held at the Renaissance Event Hall in Long Island City on Sept. 21. Schneps Communications co-publisher and LIC Flea and Food founder Joshua Schneps was joined at the panel by fellow panelists Margaret T. Ling Esq. of First Nationwide Title, RXR Realty executive vice president Seth Pinsky and Justin Cole, assistant vice president of leasing for Macerich. Faith Hope Consolo, world-renowned consultant and chair of The Retail Group with Douglas Elliman Real Estate, moderated the panel. The panel discussed the ways in which cultural, social and economic trends in Queens have contributed to the boom in both retail and residential real estate throughout the borough. According to the panelists, the thriving diversity in both culture and cuisine is one of Queens’ best qualities. “I think the big difference between Queens and really any of the other four boroughs, but especially Brooklyn, is that Queens is a collection of communities,” Pinsky observed. Schneps agreed: “We have over 18 different publications because we recognize that there are different demos in all of the different areas of Queens and Brooklyn and beyond.” The LIC Flea and Food features more than 80 vendors representing roughly 85 different nationalities. “It reflects the diversity and that people are looking for diversity, especially when it comes to cuisine,” Schneps explained. “Cuisine could be a big driving force and an attraction for tourism.” “Food follows fashion,” Consolo said. Many of the panelists observed that growth and trends throughout the borough were often driven by the tastes and preferences of a younger demographic, or “millennials,” flocking to Queens in search of affordability, cultural diversity and great public transit. The panelists also noted that many of the changes happening in Queens’s commercial real estate are also due in part to a shift in the workforce. Pinsky believes that newer creative businesses ranging from tech startups to artisan goods producers are looking to establish outposts in Queens not only to be closer to the workforce here, but because they are seeking the unique architecture and character that Queens has to offer. “This is an interesting time for Queens on the office front,” Pinsky said. “We’re increasingly seeing the establishment of creative enclaves along the Queens waterfront. You now have a workforce that’s very entrepreneurial and looking to work in the areas in which they also live.” When asked to name some of the popular hot spots throughout the borough, Schneps said that both Long Island City and Astoria were at the forefront due to an abundance of diverse retail opportunities, eateries and a vibrant, growing population. He mentioned two Astoria streets in particular: the “booming” 30th Avenue and Steinway Street, which he said has “tremendous opportunity.” Schneps also observed that there was great opportunity for growth in Rockaway Beach, with its growing population of young artists and 20-somethings. Pinsky said that “a very long list of neighborhoods in Queens are hot for all different reasons. If you drive east from Flushing along Northern Boulevard, you will see how those neighborhoods heading all the way out to Little Neck have been completely transformed into Little Korea or Little China. There are phenomenal Photo by Kelly Marie Mancuso Panelists from “From Food to Fashion: What’s Trending in Queens Real Estate” (l to r) Margaret Ling, event producer Judy Sahagian, Joshua Schneps, Faith Hope Consolo, Seth Pinsky and Justin Cole LIC property across from former 5Pointz site hits the market for $34M BY ANTHONY GIUDICE A development site across the street from what was once home to the graffiti mecca known as 5Pointz in Long Island City is up for sale. The property, located at 45-57 Davis St., is going for $34 million and is located within M1- 5, R7-3, and Long Island City zoning districts, according to Cushman & Wakefield, the real estate firm in charge of selling the site. The location holds approximately 108,000 square feet of buildable space on a 216-footby 100-foot lot. A two-story building currently stands at the site, containing approximately 19,912 square feet on the three tax lots. The site is conveniently located near several subway lines and the Long Island Rail Road. “This site is situated directly across the street from 5Pointz and many of the major new developments in the neighborhood,” said Stephen R. Preuss of Cushman & Wakefield, who is exclusively marketing this property with David Chkheidze. “This pocket of Long Island City gives a developer the opportunity to be situated near many of the developments that will drastically change the landscape of the area,” Chkheidze added. Photo via PropertyShark by Scott Binter A development site across the street from the former 5Pointz site in Long Island City is up for sale.


LIC102015
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