Says LIC Will Lead Office Building Boom In Queens
Western Queens Gazette April 24, 1985

Kaufman Astoria Studios

The borough of Queens, long associated with quiet residential neighborhoods and pockets of industrial space, is poised for an office boom of major proportions, according to Sanford Zuckerbrot, president of Sholom Zuckerbrot Realty Corp. based in Long Island City.

"This year alone, 2 million square feet of office space will be coming on stream in Queens county," said Zuckerbrot. "This represents an increase of 50% over 1984's volume."

He adds that much of this space will be housed in former industrial facilities upgraded for office use. "We're seeing a large influx of developers and investors who are looking for properties and land with redevelopment potential," Zuckerbrot explained.

What's behind all the excitement? Zuckerbrot cites several key factors, including Queens' proximity to Midtown Manhattan, coupled with dramatically lower rents.

"Office rental rates in Queens range from $18 to $24 per square foot, approximately half the rate for comparable space in Manhattan," he says. "This is proving to be a significant lure to businesses priced out of their Manhattan quarters.

IDCNY

"Another important factor is that Queens is gaining a stronger, more positive image," he noted. "The construction of design and show business facilities in Long Island City, and the resurgence of the waterfront, are recasting Queens as a more exciting place to be."

In addition, Zuckerbrot cited such attractions as access to New York's major airports, both of which are located in Queens, a large local labor pool, reasonably priced housing and a broad array of stores and restaurants.

He predicted that the main thrust of the county's office development will be centered around Long Island City, just across the East River from Midtown Manhattan. "Ironically, this once gritty, industrial community is beginning to take on glamorous overtones," Zuckerbrot pointed out.

The community is the site of several major mixed-use waterfront projects, including the Hunters Point Redevelopment Program, and such high-profile "rehabs" as Kaufman Astoria Film Studios and the $1.5 million International Design Center (IDC).

Current photos of shopping at The Bulova Center and the addition to CitiCorp in the Long Island City business district.

"These new developments, along with the expansion of LaGuardia College, will give Long Island City the urbanity and sense of community needed to attract first-rate corporate tenants," said Zuckerbrot.

Initially, he expects a significant influx of movie and design-related businesses, drawn by the film studios and the new design center.

He reported that the Long Island City area will see 1 million square feet of office space come on-stream during 1985, 30 to 40% of which will be new construction, with the remainder consisting of rehabilitated industrial space.

Outside Long Island City, Zuckerbrot says, the biggest real estate news is the Bulova complex in Jackson Heights, an Art Deco style landmark which is being renovated as Queens' first major, suburban style office park. Located within a mile of La Guardia Airport, the 400,000-square-foot complex, occupying 17 landscaped acres, is expected to bring at least 2,500 jobs to the area. Sholom & Zuckerbrot is serving as exclusive leasing agent for the building, which formerly housed the executive offices and manufacturing operations of the Bulova Watch Co.

Photos Vinny DuPre

In fact, the heavily residential La Guardia Airport area is a surprisingly active office site, Zuckerbrot reported. The 150,000 square feet of new office construction there will augment the 250,000 square feet now on-stream, and almost fully rented.

"This community offers the ambience of a suburban setting and the convenience of a New York City location- a combination which is drawing corporate tenants in increasing numbers," he explains.

The resurgence of the Queens waterfront will be another factor adding impetus to office development, Zuckerbrot believes. "During the next 10 years, miles of fallow land along the water will sprout substantial mixed-used development.

"Currently, vacant land along the water is being snapped up at prices ranging from $20 to $30 per square foot- a 100% increase over five years ago," he says. In addition to the Hunters Point project, several other major waterfront developments are anticipated.