What’s good in the hood
Rates on fixed-rate mortgages dropped to near record lows this week, with the 30-year fixed-rate mortgage making an encore appearance below 5%, according to Freddie Mac’s weekly survey of conforming mortgage rates, released on Thursday.
An expansive investment in the economy by the Federal Reserve intended to shore up the housing market and spur on the recovery triggered a broad rally on Wall Street, lifting the major indexes to substantial gains.
Traders immediately cheered the Fed’s moves, hoping they would lead to lower mortgage rates and a return to more bullish conditions. By 3:10 p.m., the Dow Jones Industrial Average stood up 131 points at 7527. The Nasdaq had picked up 35 at 1497, and the S&P 500 had jumped 20 to 798.
http://www.msnbc.msn.com/id/28032242
After reading this article I realized that with foreclosures at their highest rate in 15 years and an overall market adjustment from 10 to 25 percent we may we have possibly hit a bottom or come close to one. With the The Treasury Department considering a plan to revitalize the U.S. home market that would push down interest rates for loans to purchase a home, according to people familiar with the matter.
The plan, which is in the development stage, would temporarily use the clout of mortgage giants Fannie Mae and Freddie Mac to encourage banks to lend at rates as low as 4.5%, more than a full point lower than prevailing rates for standard 30-year fixed-rate mortgages.
U. S. Treasury about to reduce rates to 4.5% ????????those of you who are trying to catch the falling knife you better put some gloves on
Another small business has joined us here on Vernon Boulevard and opened its doors for the very first time, today. This is a wonderful addition to Long Island City, coming at an especially critical time for emerging neighborhoods such as here . With increasing concern about deteriorating market values, small business owners are now taking on more risks to bring the area establishments that meet the area demand. It refreshing to see a steady flow of patrons now having another area alternative to high tailing it to the city!
One of the best located new construction condo buildings is now offering 5 years free parking. As well as a 5% premium buy back clause.
“The Prism” (working name for now), an 81 unit condo, will rise 125 feet on Borden Avenue between 5th Street and Vernon. This is no ordinary condo- this one comes with a 24 hour color light clock.
http://afinecompany.blogspot.com/2008/11/lic-prism-condo-with-light-show.html
New Development Long Island City/Astoria, near Vernon Blvd
Ok so as many of you know, i live over at The Arris Lofts, and even though ive been living here for 2 months, ive been coming here practically everyday since last summer due to work, ive gotten to know many of the residents, and having been in real estate for over 6 years, dealing with predominantly luxury buildings, i have yet to see a group of residents so diverse, so eclectic, so social and friendly like in the Arris. Last night the developers held a party in the Lobby for all the residents and people involved., i left the building only to realize that the lobby had a complete makeover, it looked like the W hotel or something, everything in white, candles everywhere, a dj setup, it was crazy. The event started at 5:30, and the atmosphere was great, yes they had also invited many brokers, but there were alot of residents as well as the people involved with the project, there were probably somewhere around 2-300 people who attended throughout, everyone getting to know there neighbor laughing and enjoying the soiree. Afterwords at around 9:30pm, about 20 residents myself included decided to head to Manducattis for dinner, as i arrived there, i saw there was a table with Alex & Andrew Silverman (Andalex Group), along with several other employees of the firm in addition to Sunshine Corcoran, i stopped by the table to say hi, and that i enjoyed the event and later joined my neighbors and new friends from Arris, we spent the rest of the night, laughing and talking, towards the end of the night, Andrew & Alex had come over, to say hello, They told us they chose Long Island City to develop because they saw how great the area could be, they were happy to see that a real community had been created, 237 owners from all walks of life had found something special in the Arris and had developed friendships. They thanked us, promised that Arris will be a great building and then told us that they were paying for our check. it is great to see that we New Yorkers having a reputation throughout the world for being rude, abnoxious, and keeping to ourselves, are coming together, conversing, interacting and playing parts in eachothers lives… And ive been hearing that alot lately in this town, other buildings are coordinating meetups or nights drinking or for dinner with other people who have purchased in the same building, buildings like Badge, and Purves have done it, i believe 5SL as well, organizing yahoo or google groups. Its pretty cool i think… People are inviting one another to see eachothers homes, share design tips, where to get a good deal on window treatment, recommend local restaurants or whatever and from this, friendships are born. I have to say that Im glad to be part of this community…
First off, i want to apologize for not keeping everyone up to date on the skinny in LIC… its been a crazy few months, i finally moved out of my apartment in Forest Hills, and am now an official proud resident of LIC, been so for almost 2 months now. So now that im sort of settled, i can get back to sharing the insights on the hood… So i hope you all keep coming back…
This Sunday from 12-2pm experience the Arris Lofts… probably the most luxurious building in all of Long Island City, featuring more ammenities than you know what to do with. Including an 8700sqft Fitness Center with Lap Pool, a 4700sqft Lobby with owners Lounge and Sculptured fireplace, a 6000sqft Landscaped Courtyard with reflecting pond, a 6000sqft Roofdeck, a 3300sqft Media/Game room with childrens play area, 24hr doorman/concierge, fresh direct ready, onsite valet parking just $226 a month… Come experience the Arris Lofts rental tour, several brokers from several different firms are getting together to display a selection of units for rent… Just take the E,V or if your coming from Brooklyn the G to 23rd Street Ely Avenue, you can also take the 7 Train to Courtsquare, less then 4 minutes from Manhattan… 27-28 Thomson Avenue…
Controversal Architect Robert Scarano, known for designing practically every building to hit Brooklyn the last couple of years. Has now finally landed in Long Island City, and i have to say, im kind of excited. I think his designs are very innovative, modern and deffinately does not fall into the norm. His first LIC residential project is located on 2626 Jackson, and is about to get topped off this week. You cant miss it, its on the corner of Purves and Jackson Avenue, its supposed to house 43 units in all, and its actually a design he won an award for. Cant wait for the facade to show its face. Although this is his first residential project, this wont be his first, he also worked on a hotel on 43rd Avenue & Vernon as well as a small office building on 49th avenue, off of Vernon Blvd and next to Brasil Coffee House. Will keep you posted on the developments…
Havent been able to update the blog the last two weeks due to technical issues, but im back again, so hope you all enjoy…
Just some more proof that Long Island City is becoming a hotspot for restaurants and shops, Jacques-Imo’s, a New Orleans Restaurant that has an Upper West Side Location, announced that it has lost it’s lease and will be heading to Long Island City, in the old Smokey’s BBQ 11101 location, i passed by the other day and they were doing some renovations on the space. Check out Eater.com’s take on it or just get a peak at there current menu in the Upper West Side… http://www.jacquesimosnyc.com/ Im getting hungry already thinking about that Cajun Fried Chicken….
P.S. i have some cool retail space on Vernon Blvd that would be great for a restaurant, so anyone interested feel free to contact me…
Ok so i know ive been slacking a bit on the blog the past week, been really busy… Will update it this weekend with lots of stuff, but thought you should know that Long Island City has been getting alot of press this week… Check out these articles
And if you got todays Post and were able to snag one of the inserts booklets titled Queens Tomorrow, then you would have read all about Silvercup Studios plans as well as all the other great development… If you didnt you might be able to get them inside one of the local papers that the Post owns i.e. Queens Tribune / Queens Courrier etc. Until this weekend, enjoy the reading…
Well some good news on Vernon is that a new restaurant will be coming real shortly, and all the way from Williamsburg. The people who own Juliettes on North 5th off of Bedford are opening up a new place on 47-38 Vernon Blvd, you know that great looking building with the chucky doll in the window. The restaurant will be done in two phases, Phase 1, take over the space where that chucky has been up against the window and turn it into a cool French sandwich shop, phase 2 take over the entire ground floor and convert to a really cool restaurant/sandwich shop, garden included. I ate at Juliettesa couple of weeks back and i can honestly say it was one of my new favorite spots in Brooklyn, the decor is amazing, alot of vintage lighting and cabinetry which they plan to create a similar ambiance over here. Keep a look out for this new space, that is slated to open later on before the end of the year…Could this be the start of a new trend?
In the meantime you can go check them out at 135 North 5th Street or check out there review on Eater.com
Well i got a call that the newest edition to the Rockrose, East Coast Project had just opened, so i decided to take a tour, and boy was it impressive!!!
394 units in all, the building is amazing, the ammenities are rediculous, there is a huge roof top pool enclosed in a glass dome like structure, probably the largest outdoor deck i have ever seen, that will be landscaped, and have BBQ’s, the screening room is an actual movie theater, not some small cheesey screening room that most buildings have, and it will host film festivals. The fitness center, spa, and lounge are also impressive. In regards of the apartments and finishes, well you can tell they were carefully thought out. The building was built better then most condo’s you see, with very generous layouts and more closet space then you know what to do with. Click for more info…
Well it’s Rosh Hashana, and Long Island City’s very own Rabbi, Rabbi Zev is holding services at PS 78 at the Citylights building, go and show some support and congradulate him on his new born baby boy. www.jewishlic.com
Well here is more proof that Vernon Blvd is on the rise, The Sales center of 5SL on the corner of Vernon and 48th has been rented, before its even been vacated, thats right about 8 months before Toll Brothers lease ends, and there is already a tenant waiting to take over. The new Tenant will be a high end Japanese restaurant, wonder if they will be serving Saki on the Alpine Snow Countertops.
Well news comes to us today that there is a new Yoga Studio and possibly spa coming to Hunters Point area of Long Island City, right off Vernon and 47th across from Masso in this Warehouse. There is word that it will be a yoga studio and possibly offer some spa ammenities…..
For years Two Tree’s Management has basically been dominating Dumbo, as Landlords and Developers. They have made a name for themselves by focusing strictly on Dumbo and have been extremely successful. Well a similar company is about to show it’s strength and dominance in the Long Island City market, by developing one of the largest development projects around. The Anable Basin, a huge 3 million square foot mixed use development project, that was recently given praise over at Curbed.com and was first brought to light on The Architects Newspaper. And that they have been working on for the past 5-7 years. The Site is just north of were the Rockrose East Coast project ends, and it features this great canal that Plaxall is proposing to place a bridge over. Who knows maybe even some boat slips, if were lucky. But thats not the begining, Plaxall is a plastic manufacturing company, that has been around since the 1930’s and has been in LIC for just as long, its a family run business that owns nearly 6 million square feet of buildable land in Long Island City, under my calculations. Aside from the Anable site, they own several large buildings inbetween Vernon Blvd and 5th Street, they own many more on Vernon Blvd, including the building were Art O Mat is located and where they donate the space to them for free, they own the building were Tuk Tuk is in, and have said it took them a while to find just the right tenant for that building, They also own the big tan office building across from the Echelon on Jackson, as well as that large taxi stand across from PS1 and the they are a huge part of the community and seem to want to best for the area, they contribute alot to the arts, create alot of jobs and will hopefully help keep this neighborhood evolving. I look forward to seeing what they will do.
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