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Image source: Andrew Zimmerman on Facebook – 49th Street and 5th Ave in LIC, near the waterfront the night of Hurricane Sandy

The NYDN reports on a subject that is on the minds of many people we know – how has Hurricane Sandy affected waterfront development and sales in NYC? LIC is the big player in the waterfront development scene in Queens, so folks in that market have plenty of thoughts on the subject.

Real estate appraiser Jonathan Miller says, “What [Sandy] may do is slow down sales activity in harder hit areas” Also regarding another storm like this coming to the area, “all bets are off.” He recognizes that potential buyers, insurers and banks may not want to invest in Zone A property, at least for a little while.

As for future development of the waterfront, there are positive voices out there. Rosemary Scanlon, dean of New York University’s Schack Institute of Real Estate, believes that the market will rebound. She points out, “The fears were widespread that people would move out of New York” after 9/11. It didn’t happen.”

Eric Benaim of Modern Spaces is not worried either. He says it like he sees it – “People want to live on the waterfront.” Dan Miner, senior vice president of the Long Island City Partnership, also thinks that LIC’s features – close to Manhattan, lots of transportation options, great restaurants and a growing nightlife scene – will continue to draw people to the neighborhood and enjoy beautiful waterfront living.

Dan Miner also points out that this storm is a wakeup call, and that the city really needs to get down to business and come up with better plans for when a mega storm arrives again.

Long Island City waterfront real estate may be impacted by Superstorm Sandy [NYDN]


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