LONG ISLAND CITY SEES BURST OF NEW APARTMENT TOWERS, BUT RESTAURANTS FAIL TO KEEP PACE
Jul. 24, 2017 - Crain's New York
Developers are adding rental units in Long Island City at a blistering pace, but retail space for new restaurants is not keeping up, according to a report in The Wall Street Journal.
Numerous rental towers have already come online, and the Long Island City Partnership says there are 22,000 more apartments in the pipeline, with nearly 9,000 new units expected this year. In addition, the area is set to see an influx of 3,000 hotel rooms.
The partnership conducted a survey of 1,300 current residents, who said that they would like to see more restaurants, as well as grocery stores and pharmacies, in the area.
“An entirely new market for retail is being created in all of these buildings,” Elizabeth Lusskin, president of the Long Island City Partnership, told the Journal.