REAL ESTATE INNOVATIVE WINE BAR OPENS ON LIC WATERFRONT BY LIAM LA GUERRE different types of wines from around lguerre@queenscourier.com the world, opened in a 1,500-squarefoot @LiamLaGuerre ground-fl oor space on Dec. 20 at TF Cornerstone’s 47-20 Center Wining and dining on the Long Boulevard building. Island City waterfront is now easier The bar offers wine on tap and with the opening of an innovative also sells craft beers among other bar that serves wine on tap. beverages. Artisanal cheeses and BLVD Wine Bar, which boasts 40 charcuterie are served as well. The establishment features a bar in the front and also has a room for private parties and events in the back. “This new concept is a great addition to the LIC waterfront and its diverse array of retail that has a wide appeal to locals and visitors alike,” said Steve Gonzalez, director of retail leasing for TF Cornerstone. GOT A HOT REAL ESTATE STORY IN QUEENS? Contact Liam La Guerre Real Estate Editor EMAIL: lguerre@queenscourier.com TWITTER: @liamlaguerre Photos courtesy of Rob Bralow TIME TO SELL IN JAMAICA IF THE PRICE IS RIGHT BY LIAM LA GUERRE lguerre@queenscourier.com/@LiamLaGuerre Jamaica has been making headlines with plans for major projects and sites notching higher prices as developers continue to look for investing opportunities in the borough. But while land prices are hot throughout Queens, and value is rising in Jamaica, prices could trend downwards soon. This could be a good time for property owners in the neighborhood to sell and maximize profi ts, said Swain Weiner, president of Greinz-Maltz Investment Properties division. “It’s my belief that there is going to be an increase in interest rates sometime early next year,” Weiner said. “Unemployment is at 5.8 percent, infl ation is near zero, the economy is growing strong, and gas prices are low so it’s helping everybody. It’s not a matter of if, it’s a matter of when. If you feel you are near the top of the market, I think now is better to sell than later because nobody can accurately time the marketplace.” The value increase in Jamaica is caused in part by its vast transportation hub of subways, buses, LIRR and the JFK Airtrain, where major projects have been announced and big properties have sold or listed for high prices. A 90,000-square-foot building and parking garage at 163-05 and 163-25 Archer Ave., which has 719,736 square feet of buildable space, traded hands for $22 million in October. Additionally, a huge development site at 147-07 to 147-37 94th Ave. was listed for $24 million by real estate fi rm CPEX. Even when it comes to residential properties, Jamaica prices are trending much higher than before. Real estate website StreetEasy recently predicted Jamaica would be the fi fth hottest neighborhood in the city for 2015, based on median asking rent and median sale price. In Jamaica, the median sale for homes rose by 72.2 percent over the year, according to the website. Although there is a chance high prices in the neighborhood may increase even further, it could be better to sell than to wait, Weiner said. “I think with the concern of the top of the market being in place and also some properties demonstrating strong interest, right now might be a good time to capitalize on the strength of Jamaica’s growth,” he said, “and minimize the risk in interest rates or correction of the market.”
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