Long Island City is the next hot neighborhood

marco_m: about 13 months ago

looks like it got a little too hot for Danny T..

Danny Tenaglia says he’s “resigning” from the music business to figure out how to stay relevant in a new electronic music universe. “Now it seems people just want to see whose name goes above whose because this one is selling more tickets. I’m not enjoying the journey anymore,” says the New York DJ who was a fixture at top clubs, starting at Paradise Garage and later Twilo, for 20 years. Tenaglia produced remixes for Madonna, Right Said Fred and Pet Shop Boys during his career, but he didn’t make money. And after losing a half-million dollars on a penthouse in Long Island City he bought before the market crashed in 2008, Tenaglia had to tour to pay the bills. Now he’s burned out from travel and wants to work on making his own music more appealing — “and have it be not just about darkness and flashy lights and nitro gas,” he tells Page Six. “I want the music to be enough.” Tenaglia will relocate to Miami and clean out his Long Island City work loft, packed with 15,000 records, in the next month.

mdepuy: about 2 years ago

I used to live on the upper west side and i loved it there. Now I live in LIC and I love it here too. I hope newton creek doesn't kill me, just like I used to hope that I wouldn't get hit by a cab when I was riding my bike down Amsterdam.

alanhart: about 2 years ago

Great rhyme scheme, lowery!

lowery: about 2 years ago

bob and steve, some of my best friends are guidos

stevejhx: about 2 years ago

Good one, lowery!

bobby-d: your comments ain't worth a response, or the price of a pixel.

newaccount: about 2 years ago

St. George can get you downtown in the same amount of time and the luxury condos are only $300 psf!

lowery: about 2 years ago

St. George, they all say, slew a dragon.
But then he fell off the wagon.
Try as he might, he couldn't make right,
so his life ended up on Sta'n-Island.

bob_d: about 2 years ago

"Racist."

If you want to hang with people who act just like the Jersey Shore people, with no sense of irony, be my guest. How much time have you even spent in Staten Island?

stevejhx: about 2 years ago

Racist.

bob_d: about 2 years ago

SI sucks, the ferry sucks. SI is full of guidos.

buyer11: about 2 years ago

Lic pricing is way more then St George and you cant compare the proximity to midtown thats why people are buying there

lowery: about 2 years ago

St. George has grocery stores; LIC doesn't. LIC has two subway tunnels, the 59th St. Bridge, Midtown Tunnel, is not that far from Wmsbrg Bridge. St. George has the Staten Island Ferry.

newaccount: about 2 years ago

There's no way LIC can maintain pricing with Manhattan pricing easing. Hells Kitchen, FiDi, LES, and even Harlem will compete for the buyers' dollars. LIC compared to the Hobokens, Williamsburgs, and Jersey City is not very favorable. Maybe you can compare LIC to St. George in Staten Island.

rossgreg: about 2 years ago

You really believe that?

Listen, doesn't matter to me, I've been accused of being many posters over time, and occasionally columbiacounty suggests a new one. None have ever been correct. But correct or incorrect, never mattered - I'm here to play in the gutter. Though I'm surprised that anyone actually believe that columbiacounty was correct. So ... congratulations on your mindless following of columbiacounty.

Wbottom: about 2 years ago

you are redbaiter, as you well know

rossgreg: about 2 years ago

What/Who is the redbaiter? And seriously, Wbottom, I can't think of a way that your name is anything but unflattering.

Wbottom: about 2 years ago

redbaiter

lowery: about 2 years ago

aboutready, you missed my irony - I have said one could pick just about any neighborhood one wanted to trash and find something there - I like StuyTown and PCV very much, and when I see them likened to NYCHA projects my eyes roll back into my head - and the smog is referring to a news article months ago that claimed that air pollution is worst on the UES - compare this to various theories advanced over the decades for why Harlem and South Bronx have highest rates for asthma among children (couldn't be secondhand smoke, could it?)

rossgreg: about 2 years ago

Allison?

columbiacounty: about 2 years ago

riversider

rossgreg: about 2 years ago

Mimi?

columbiacounty: about 2 years ago

riversider

rossgreg: about 2 years ago

Charlie?

columbiacounty: about 2 years ago

riversider

rossgreg: about 2 years ago

Rachel?

columbiacounty: about 2 years ago

riversider.

rossgreg: about 2 years ago

Haiku? Ambitious for someone who had to come to Streeteasy to learn English after a Yale education apparently failed.

aboutready: about 2 years ago

lowery, you just had to go there, didn't you?

all the rest, OK, but PCV? leave my personal projects out of it, please?

time for some HAIKU!

jason10006: about 2 years ago

Its amazing that we spend so many posts to-ing and froing on this area. LIC is clearly nicer than it was 10 years ago, but the rents and condo prices tell you definitely its not more desirable than most of Manhattan below 96th. However, the gap has narrowed on a PSF basis over time, proving my second sentence.

Is it "the" next hot nieghb? We can and will waste another 200 posts debating this. How this helps or hurts anyone I do not know.

lowery: about 2 years ago

okay, steve, you're right - it's not fair - how about...... Peter Cooper Village is a NYCHA project, Clinton is full of junkies and hookers, Chelsea is over with, and the Upper East Side is a smog-clogged hellhole where all the children suffer from asthma?

Shucks.... we really need to find something to compare with LIC. Chernobyl is too distant. I know! How about Newark?

falcogold1: about 2 years ago

does anyone know how to tell it's halloween in LIC?
Looks the same today as usual.

stevejhx: about 2 years ago

lowery, I can't believe you're insulting LIC! That is so, so unkind.

lowery: about 2 years ago

Believe me, I hear you (and steve) about people paying more to buy than to rent because of the bubble. I thought it was crazy for people to buy new luxury condos for even $800,000 for a one-bedroom, let alone a million. But here we are, three years after the beginning of The Great Recession, and there simply is no flood of desperate sellers unloading their white elephants. Until there are many, many, many more units for sale, and lots of desperate short sales and foreclosures chasing after the dwindling number of buyers, prices will not come down to what I agree with Steve on would be an equilibrium. I suggested haggling over the fate of 45 Park units, since at least it's unit for sale versus the same unit for rent, but even there, the nut depends on the mortgage rates, whether a person factors in "tax savings," if so, what their bracket is (presumably the top for those prices), yaddadaddadda. Inventory is not swelling like a tsunami, prices not plunging over a cliff like lemmings.

I mentioned "Hoboken" as a generic - Hoboken, Jersey City, the suburbs of Brooklyn Heights (the granddaddy of all outer borough close-in yuppie enclaves), now Williamsburg, Greenpoint, LIC and Astoria - in fact, through in all of Manhattan north of 96th on the East Side and 110th on the West Side - developers seek to attract overflow buyers priced out of Manhattan between the Bowery and 96th Street. Twenty years ago you could see this overflow happening within Manhattan below 96th. Soho, spilled over into "Noho" and Tribeca, the West Village pushed would-be residents into Chelsea, then into Hell's Kitchen. W. 86th Street was once a psychological dividing line, then it got pushed up to W. 96th, then beyond....

alan and steve have a good point in ridiculing LIC, and they are not alone - it has never had a residential critical mass, cool or otherwise. There were houses squeezed in between warehouses and factories, there were even a few blocks that were 100% residential, but very few, and there was never a residential neighborhood. Jersey City and Hoboken may have been ugly and depressing, but they were residential. I prefer Greenpoint to LIC, frankly. But don't close your mind to what LIC will look and feel like in the future.

Wbottom: about 2 years ago

agree that wburg has more soul as a neighborhood, based on it's residential legacy, and that it's been cool for a while now--as a place to invest in the new constr stock that would compare to lic, wburg is a far better bet; but it has similar supply/demand issues to LIC--as new construction gets absorbed, more and more will be built

Lic tho is simply in the sweet NOT spot--no residential legacy--no cool critcal mass--tons of supply--tons to come as soon as/if current supply gets absorbed

hoboken?....whatever

Wbottom: about 2 years ago

the rent/buy disconnect in nyc is based on the incredible bubbling that has gone on since 1990--there have been times in nyc, 74-80 for example, when it was cheaper to buy than to rent: buyers were paid to assume equity risk, and renters paid up to avoid it--since the mid-90's, when we started to bubble, the role reversed and buyers have paid up so as to get their piece of the bubble--all fine and dandy when one was seeing >20% returns for many of those years--game over, and rent remains cheap--it will correct

lowery: about 2 years ago

Steve, "Or if you absolutely, positively MUST paint your bedroom aubergine," you can paint your bedroom aubergine right now, so long as you pay to have it restored to institutional white upon your move out.

I'll be watching, as you will, for that moment to occur when mortgage+maintenance+taxes equals rent, not cheating by subtracting out "tax benefit," but I think your day will never come. I also think your renewal lease will come in at the pre-two-free-months-rent-discount official price listed on your building's web site ($4,000 and change) plus a small percentage increase. You will then ask them to renew at your present net effective rent, they will balk, you will counter with your present net effective rent plus the modest percent increase and their final offer, at best, will be the rent listed on their web page at the time you moved, no free months' rent, no increase. At worst, you will have to pay $4,300.

You will not find a comparable condo in Clinton, Manhattan, for $600,000. You would have to move to Jersey or Brooklyn or LIC if that's what you wanted to do, and you're quite right, the rent on such a unit would not be near $4,000.

"it has happened since real estate records were first kept some 350 years ago. It happens in a number of ways"

Yes, and it also happens that the Big Apple grows and the pecking order of prestige changes in neighborhoods. You've been priced out of Chelsea. You and I both remember when Chelsea was a scarey, dark, dangerous slum. Now you're in a former hellish area that's near Time Warner Center. It's not going down; it's going up. That's the part you're not calculating. But you're doing well for now, and why take on half a million in debt at this stage?

Wbottom, LIC is interesting. I'm not placing any bets either way. It has proximity, but that is all. At least Wmbg and Hoboken and other spillovers were always residential, always had grocery stores. When City Lights went up, the closest grocery stores were in Greenpoint, Astoria and Sunnyside.

stevejhx: about 2 years ago

"it means that if steve is waiting for condo/coop prices to reach a point where he can buy something in his area comparable to what he is renting, ain't never gonna happen."

Oh how mistaken thou art. It ALWAYS happens, it has happened since real estate records were first kept some 350 years ago. It happens in a number of ways, including naked price depreciation and price stagnation over time as the nominal value of home prices is eaten away by inflation. There is, was, and always will be a direct relationship between incomes, rents, and owners' carrying costs; the latter two being approximately 30% of gross income.

I don't need to "wait" - I have no desire to own. If something breaks in my building, in my apartment, the owner pays for it. I have a grand total of $7,200 at risk - my deposit. Owning only makes sense when you're in it for the long-term and know it, else you're wasting your money on transaction costs, or when it is massively cheaper than renting to adjust for the significantly higher risk. Or if you absolutely, positively MUST paint your bedroom aubergine.

Wbottom: about 2 years ago

why should he move to jersey? he's plenty happy renting in manhattan at good value--and if the economics of real estate in clinton hill require that 2 bedrooms sell for 30-40% less (600K) than they do, to compete with renting simlar space; kudos to steve and anyone else renting there--unless you think real estate will soon return to the massive appreciation in values we saw pre-bubble, one would be throwing money away to buy in clinton hill at present.

and lowery, that there is nothing there speaks of the poor investment that lic will remain---as soon as the glut of apts, for sale there presently, shows any hope of being absorbed (a tough prospect unto itself--will take years), developers will continually build new supply in the "nothing there" areas--

lic is possibly the worst place to buy in all of nyc, if one considers long term investment--short term, fugedaboudit

buyer11: about 2 years ago

Then he should move to Jersey thanks for the explanation lowery

lowery: about 2 years ago

Buyer11, it means that if steve is waiting for condo/coop prices to reach a point where he can buy something in his area comparable to what he is renting, ain't never gonna happen. People are buying in places like LIC because they are priced out of areas such as where steve is living. It's all about tradeoffs. I think for Steve to hit his equilibrium point he'd have to buy something for around $600,000, and there will be no 2-brms in Clinton for $600,000.