powerhouse lic

Realestatelawyer- Check out some of my old posts. Your assessment it 100% correct, however it's not just the Powerhouse it's the whole area. I have been saying it for years. I can't imagine the feeling people must have knowing that they have potentialy lost Tens of thousands if not more before they even close on the unit. LIC has potential but at these price's you going to lose money.

Yes, please look at the old posts, so you can see how dco's comments are exposed as ridiculous by people who actually know what they are talking about.

dco, you're so funny, you constantly remind us how small time you are. tens of thousands? really? oh my.

ccdevi-- I was being kind as to limit my insult to those who actually lost a lot more. Sorry for trying to be sensitive to those who bought at the height of the market. Some people are going to closing in the next few months with their units already worth a lot less. Those were the people I was trying to avoid insulting. But thanks for making me explain.

LICComent If my memory serves me correctly you still have not answered my questions. Hey how's that Duane Reade coming.

oh you are so sensitive, a real sweetheart. you think you'd be "insulting" them? strange

Not as strange as you!!!!!!!

Last I saw, Duane Reade and the new Market are coming along great. Also, Starbucks just announced they are opening their first shop in LIC. More and more retail establishments are coming in every time you look.
dco - I don't know what questions you are talking about, but just go re-read the older posts. Every inane argument you make is addressed and debunked.

LICComment you should read this article. Very interesting. I'm quite sure you will disagree with the facts but even for someone like you it can't be ignored.

http://www.nytimes.com/2008/05/28/business/28leonhardt.html?hp

LICComment "Starbucks just announced they are opening their first shop in LIC. Are you kidding me. This is going in the Citicorp building. This is something to brag about. It's going in an office building in an area that most don't even consider to be "LIC". This is suppose to be some great accomplishment. The funny thing is LICComent if you remember correctly they were to go into EC2 but backed out. Come on your better then this.

Most people don't consider the Citigroup building to be LIC? Do you have any clue what you are talking about?
As for other just announced openings, from Liqcity's site: However, if your coffee sensibilities desire a more local and community brew, Sweet Leaf, the new cafe on the northwest corner of 11th Street & Jackson Ave is OPEN for business.

Moving right along with its construction, is the full-service, high-end beauty salon that we reported was popping up in on Vernon. Nails, tanning, and waxing services for not just the ladies, but you know. Mostly. Current ETA is August.

Sage Kitchen reported that their move to new digs on Jackson Ave next to Court Square Wine is on track for this summer.

The waterfront is the only are I would ever consider.

"Not as strange as you!!!!!!!"

I've suspected it for awhile, but folks I think its pretty clear that dco is a teenager. Not that there's anything wrong with that.

for what its worth, most detractors cite the lack of services in the area.. i think p/h will milk the duane reade and the amish market for quite awhile.. its a huge milestone for hte nabe, and even bigger for the developers as they can finally point to something recognizable on those flash-movie maps on their fancy websites.

on the other hand, i have to agree with dco that a starbucks in citicorp area is a non-event (imho).. the thread is on powerhouse, ie., gantry park area.. its arguably closer for me to go to grand central for a latte than it is to hike down to citi.

cb81- Well said.

ccdevi- "I know you are but what am I"- How have sales been for May at the Powerhouse?

I have no idea and couldn't care less. I have no interest in the Powerhouse, I just like to point out how foolish you are.

dco always ruins the conversations on these blogs. get a job.

Butters08- Welcome. This is the first I have seen you. I guess you don't agree with most of my posts. Well get in line. Most don't like to be reminded that if they bought in the last 2 years they are going to lose a lot of money. So go ahead and vent on me, it's cheaper then going for therapy. Besides you're going to need all that money to pay the interest only adjustable rate mortgage that's about to eat up 50-60% of your salary.

Well welcome and enjoy the show!!!!!!!!

Powerhouse needs some extra pricechopping on curbed to get some sales going...

I moved to LIC to get the real deal on these LIC developments. There were some missed opportunities like 1050 Jackson, but I am keeping away from powerhouse until the prices drop significantly. I like LIC. I would like to call it a permanent home... but when you have places like Sunnyside/Astoria/Jackson Heights all having a duane reade or starbucks for sometime... arguments about amenities/services go out the door. The only reason I will stay put is simply because of location. You can't beat the commute outside of Manhattan when you depend on Manhattan for work and play.

Prices need to drop in LIC between 15-20% to make buying more favorable then renting in the area. With the views that are going to be non-existent at the powerhouse, once those building are up in front of it, prices are going to have to drop significantly. Even the roof deck views of Manhattan are going to be gone. All units are going to suffer from lose of a roof top amenity that was marketed for it's views of Manhattan. I wonder if the selling agency is making this clear to potential buyers. I would be very up set to find out after I signed a contract.

dco, I'm actually embarrassed for you, its amazing how you think everyone is as financially challenged as apparently you are. nothing wrong with being poor but to only comprehend a world from that point of view....

you also continue to exhibit that you have no idea what you're talking about, people with normal ARMs (not the 12 month teaser arms that low income folks seem to favor) which are resetting now are not getting hurt, in fact their rates may be going down.

ccdevi- Thanks for you concern. Well I must know something about the market because I didn't buy in the the last year or two. It could be worse I could be locked in a contract for a unit that is now worth significantly less. Also I must have been smart enough to my own mortgage several years ago at 4.9%. Despite the fact you are concerned for my financial knowledge I seem to be doing well. But thanks.

dco- do you know the definition of insanity? It is doing the same exact thing the same exact way over and over and expecting a different result. Your rent v. buy analysis has been shown to be clearly wrong, based on the actual numbers in the market today, but you insist on repeating it again and again.

LICComment- You insist on telling me I'm wrong over and over and over. So what does that say about you. If you don't agree then fine thta's your opinion. Ok so lets get to the real issue. Is LIC overpriced? anf if by how much?

Or perhaps it's a steal?

well overpriced, the post was a year ago and we are still overpriced even though all this economy issue.
developers dont want to see the reality they keep strong on price which is why they sell little.
all money made on few sales go toward the building
LIC is queen not Manhattan start pricing right and you will sell much better

With Manhattan market softening (some new developments in good areas in the $800 pf range), there is no compelling reason for most of us to live in "718" for that price range ($750-$800 pf). They really need to slash the price by at least 20% for us to even consider them.

What's amazing is that some people (albeit NOT many) appear to be closing as we speak at that price point... I don't get it. I wonder these people might be the unfortunate individuals who paid the deposit at the peak of the market and didn't walk away.

I agree that prices still have to come down, but people should keep in mind that not everyone would prefer to live in Manhattan rather than LIC. Prices coming down only means that we can eventually get more bang for our buck in LIC. No intention of heading across the river.

I agree in philosophy with you, beam, but not necessarily for LIC. Some areas provide what Manhattan doesn't, but LIC as I know it does not really--oops, I shouldn't get into this... Sorry.

With proper pricing, I think it would be a fine place to live, if you like living in such an environment.

as someone who has lived in manhattan almost my entire life, i find lic to be a new and exciting place to be. i still do exactly the same things as i did when i lived in manhattan...it's just that now i live in a different borough...queens.

no, i never imagined i would move from manhattan to queens but i did it and i love it here. isn't new york special because of all the different neighborhoods and who spends all their time in one neighborhood anyway? well, some people do but for those of us taking advantage of the city, we are going to restaurants in different neighborhoods within the city and the boroughs, etc.

i bought in lic because i liked the small town feel mixed with the industrial feel. it's clean and has a beautiful waterfront. it has enough stores and restaurants to keep me happy and has the potential for growth. and it's so convenient located. for those of you putting down the neighborhood, have you really explored it? if you have and you're still putting it down, then maybe it's just not your type of thing...and you shouldn't buy here. you have to find the neighborhood that fits you. would the stereotypical upper east side 5th avenue person buy in the east village? probably not.

for me, it's completely my style and that's why i bought here. yes, maybe you can buy for much less now than when i bought but so what...i bought a place that i love in a neighborhood that i love and i have no plans to sell anytime soon. the numbers still make sense for me and i am completely happy with my choice and, at this time in my life, i have no desire to live anywhere else. i could have bought in manhattan but i had absolutely no desire to live there anymore.

What new developments in good areas of Manhattan are at $800psf? That seems pretty off.

I read somewhere that about 1/3rd of the new condo buyers in LIC moved from Manhattan. I'm not sure how accurate that is, but I can believe it. That tells you that there is relatively strong demand for LIC separate from the Manhattan market.

The avg. new developments in LIC was fetching in the 500s per square foot 2 months back.
Prices have firmed up a little since and now going in the low 600s.

I've mentioned that i took a very good look in all the new developments by the waterfront last week and i walked away very impressed. The water park is expanding another 1/4 mile down this summer when EastCoast (the view) completes the park area. The city will begin work on the new water front library this year and should be complete in 2010.

The average new developments in Manhattan are NOT fetching for 800 psf. You'll see some distressed selling here and there, but 99% of new developments are still holding north of 1,000. These are facts.

"but when you have places like Sunnyside/Astoria/Jackson Heights all having a duane reade or starbucks for sometime... "

This was posted 12 months ago.
A new Duane Reade and Supermarket has opened in the EastCoast building. There are also a number of coffee shops and restaurants that have opened over this time.

> What new developments in good areas of Manhattan are at $800psf? That seems pretty off.

20 pine, among others.

> I read somewhere that about 1/3rd of the new condo buyers in LIC moved from Manhattan. I'm not sure
> how accurate that is, but I can believe it. That tells you that there is relatively strong demand
> for LIC separate from the Manhattan market.

So, what does the fact that folks are moving back in (per the NYTimes article) now tell you?

That this is now little demand?

"20 pine, among others."

The asking prices for 20 pine are not 800 psf.
http://www.streeteasy.com/nyc/building/20-pine-street-new_york

The recorded sale of 600 psf was a bulk sale that YOU and I cannot get. The avg. new development are not selling at 800 dollar psf? Only in your fairy tale head of yours.

I feel what gets lost in this "LIC is overpriced" argument is the tax abatements that all of this new construction receives. That's considerable amount of savings that a buyer would get. I would think that's an argument for a higher price. Any thoughts?

nyc10022 likes making things up, arguing about it, changing what he said, getting nasty with everyone, then declaring he was right. Typical . . .

LICComment,
Yes, this is not the first time him and his doom & groomer buddies to show these 800 psf new developments in Manhattan. Every time it's brought up, they point to 20 Pine st. We all know what a mess that's in.
As of now, not 1 LIC new development are forced to liquidate.

Who said average? Only in the 'needs to take some more math' head of yours...

"1505 just closed at $660 for 1100 sq ft, $600 psf"

http://www.streeteasy.com/nyc/talk/discussion/10159-20-pine

1 unit out of?

You treat 1 sale in Manhattan and call it an average.

Carol, you need to take a reading class. I certainly did not call it an average.

Any, how many apartments does one person need to buy?
And you think thats the only one going for that low. Make an offer, toots.

Carol, do you live in Jersey with Alpine or something? You guys married?

I think it's you that need to take a reading class.
You consistently point to that one sale in Pine street and declare how 'cheap' Manhattan prices are.
You sound really stupid making post like this. There are a lot of new developments in Manhattan and many will slam the door on you if you make a bid below 800. This one sale in 20 Pine does not dictate ANYTHING.

Prices in Dumbo, Williamsburg and even LIC are still selling above 600,700,800 dollar psf. How dumb can you sound?

the future is what i seek....

"slam the door on you if you make a bid below 800"

good. they can eat thier property the next f'n couple years while things tank. Manhattan real estate is tanking like an internet stock back in 2000. its over and wall st. money aint comin back to save it.

"the future is what i seek...."

No, you need to seek...

http://www.hookedonphonics.com/ProductDetail.aspx?C1=2&C1=18&CategoryID=28&ProductID=27

carolst is a broker....

carolst is a brokerrrrr no doubt

m