From the NY Post:One of the big question marks hanging over Queens real estate is what will become of Flushing?
Some New Yorkers know Flushing as the last stop on the 7 train — one stop beyond Citi Field. Or, as the huge Chinatown with its treasure trove of Qingdao and Hunan and Szechuan restaurants.
But it has also been the focus of some serious real estate development activity within the last few years, with a lot more to come. Over the next couple of months, hundreds of new condo units will be hitting the market (that number is slated to balloon into the thousands in the next few years). Along with the first wave of residential buildings are a number of big-box stores. And offices, public space and hotels are all on the drawing board.
But adding dozens of new retail outlets and thousands of new condos in the middle of a recession always carries risk — and Flushing is no exception.
By far the biggest thing coming to the neighborhood is Sky View Parc, a $1 billion, 14-acre development that started construction in 2007 (and went through various freezes and thaws since construction started).
“Flushing, outside of Manhattan, is the most vibrant 24/7 community in all of New York,” says Michael Dana, president of Onex Real Estate Partners, which is developing Sky View Parc. “If you look at entertainment, food, culture, the economy is quite strong in that sub-market, but it’s dramatically under-served from a retail and residential perspective.”
17 comments:
I'd like to know what this means for property value in the surrounding areas like Whitestone, North Flushing, etc. If anyone can provide some input I would greatly appreciate it.
Infastructure? Particularly this development and LIC on the same line?
Obviously we cannot take care of the people already here - another million?!?!?
Flushing is over.
I'd like to know what this means for property value in the surrounding areas like Whitestone, North Flushing, etc. If anyone can provide some input I would greatly appreciate it.
WHY JUST ASK KELTY, APPELLIAN, SWEENEY, ROYCE, VALLONE , AND BITTERMAN. IM SURE THEIR PROPERTY VALUE HAS SKYROCKETED WITH ALL THE NEW PROPERTY THEY HAVE AMMASSED.
Who cares about Whitestone, North Flushin, etc.. These criminals don't, let us not forget about Quality of Life in those areas, what is happening there?
Flushing is a 3rd world dump, it smells just like the people, YUCK!
No Flushing
Now Flooshing
Ah so
Asshole!
And so we hear more of this inane "vibrant and diverse" chant from Mr. Dana to go along with his delusional view of Flushing still as a desolate wasteland in dire need of more development. Even after he and his ilk have long since raped Flushing through their mindless overdevelopment.
The worst part is the perversely risible view that these miscreants think their victims ought to show them more gratitude.
And so we hear more of this inane "vibrant and diverse" chant from Mr. Dana to go along with his delusional view of Flushing still as a desolate wasteland in dire need of more development. Even after he and his ilk have long since raped Flushing through their mindless overdevelopment.
The worst part is the perversely risible view that these miscreants think their victims ought to show them more gratitude.
You can say that again, Cav.
Whoever moves into Flushing must be made aware that the #7 train goes out of service if there's a breeze in Connecticut!
Jesus, ENOUGH ALREADY! Detroit is underdeveloped! Rochester NY is underdeveloped! Schenectady is underdeveloped! Queens is OVERdeveloped! Flushing is RIDICULOUSLY overdeveloped! Leave Queens the hell alone already!
Well said previous comment.
Sky View Crap!
Leave Queens the hell alone already!
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They want to put a million more people in NY and since most people are doormats always simpering and polite and everyone else just keeps their thoughts to themselves the politicans will get their way.
The more people in Flooshing, the more $$$ in our pockets. Do we need to say more?
This is something to see in the future. I wonder if all this overdevelopment will become it's own undoing or actually lead to higher property values thorugh getnrification!
All you need to refer to is China Town. It looks like [enter any negative noun here.] But property there held its value fairly well.
So, if you want to find a place to live -- leave Flushing. The quality of living is going to keep going down. But, if you are hoping to invent -- don't dream of a quick real estate market reversal. IT WON'T HAPPEN. I am talking about renting an unit out and wait for the next real estate market boom (AGAIN, NO QUICK RETURN) 10 to 20 years later -- it might not be a bad time to enter the market.
Look, it's going to be risky. But if you don't enter a market when it's down, you WILL NEVER make it big. When the DJIA was hanging around 7000, if you bought stocks, even your mother would think you are crazy. But it closed around 11700 today. If you bought 7000 worth of DIA, you would make almost 4000 today.
Yup, that also meant you have to think about whether you could make more money from other investment channels. The stock market would probably turn around a lot quicker than the real estate market. On the other hand, if you could get a mortgage, you are basically borrowing to invest. If you could rent an unit out, eventually, you would definitely cover all your cost and make a nice return -- that is, if you could wait 30 years or more ...
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