Real Estate In Flushing - Willets Point

April 14, 2011 / Flushing Neighborhood / Queens Buzz / Gotham Buzz NYC.

This winter I attended the State of the Borough Address given by Queens Borough president Helen Marshall and a month later I attended a speech given by NYC deputy mayor of economic development, Robert K. Steel. This report captures their brief comments about Willets Point condominium and retail development project, as well as a considerable amount of research I did following those two presentations.

In the following report we provide you with a history of the effort to transform the Willets Point area and an outline of the proposed plans and including a detailing of some of the issues associated with the proposed development. A graphical depiction of the Willets Point development is shown above.

Click here to read more about Sterling Equities, Saul Katz & Fred Wilpon, Stephen Ross, Related Companies, Mayor Bloomberg use eminent domain on Willets Point real estate development project - controversy in Flushing Queens.

Real Estate In Flushing - Willets Point

April 14, 2011 / Flushing Neighborhood / Queens Buzz / Gotham Buzz NYC. Continued.

Willets Point Real Estate Developement Assessment

In 2002 city planners started working with local community groups to re-develop Willets Point. Over the course of the next few years it was decided that the neighborhood would have to be developed in toto versus a parcel by parcel approach because of some of the environmental conditions surrounding the neighborhood.

Some of the issues cited by city planners were widespread contamination from prior land use including ash deposits dating back a century and illegal dumping and oil spills from this century. They also cite that the area has a high water table [its adjacent to the Flushing Harbor / Long Island Sound] and that it lies within a 100 year flood plain.

In order to bring the neighborhood within FEMA [Federal Emergency Management Agency] guidelines a significant investment would be required to raise sections of the neighborhood by as much as six feet. The neighborhood is also in need of upgrades to its sewage system. All of this lead them to the conclusion that the neighborhood should be transformed all at once. A March 2011 photo of perhaps the best known street in Willets Point is shown to your right.

Willets Point Real Estate Development Plan

Willets Point re-development has long been on city government's to do list. Between 2002 and 2006 information was gathered, discussions held and a plan began to emerge. From 2006 to 2008 the city started selling the plan to the various interested constituencies, and by the end of 2008 had sought and received approval to rezone the neighborhood for its plan. A graphical depiction of the new zoning codes is shown in the photo to your left.

The city proposal is to plow the current Willets Point neighborhood completely under and begin anew. The proposal calls for a 400,000 square foot convention center [Jacob Javits is 675,000 square feet], 1,700,000 square feet of retail space, 500,000 square feet of office space, about 350,000 square feet of open space, 150,000 square feet of community space, 700 hotel rooms, 5,500 units of housing [about 20% of it affordable housing], 6,700 parking spaces and a school with 850 seats.

Willets Point Development Benefits

One of the primary purposes of the Willets Point Development is to clean up what many consider an urban blight, and its associated environmental / FEMA issues. City planners also estimate the first non-Manhattan NYC convention center would generate 5,300 additional jobs. City planners would also like to make many of the buildings LEED [Leadership Engineering Efficiency Design] certified, which means they would be energy efficient.

Willets Point Issues - Congestion

Experts estimate that the Willets Point development will generate an additional 80,000 vehicle trips per day. To help ease congestion associated with such a significant increase in vehicular traffic in the area, city officials pledged to obtain federal and state approvals to add two ramps to the Van Wyck Expressway. As of this report they have not obtained either governing body approval. The graphic depiction to your right shows the proposed changes to the Van Wyck Expressway to accommodate the increase in traffic expected from the Willets Point development project.

And, like the Flushing Commons development, this development would increase the burden on the number 7 subway line which is already running at capacity during peak times and for which no further expansion is planned at this time.

Willets Point Real Estate Development Controversy

The Willets Point controversy appears to have arisen out of the desire of many Willets Point business owners to stay where they are, and to continue owning their own property and running their own businesses. In what has historically been a rarely used government action - the use of eminent domain - city government threatened to force landowners off their property against their will.

Currently there are still dozens of small landowners and one resident from Willets Point who continue to resist the city's re-development effort. The city has already acquired 90% of the land and they have already begun to work the site. The photo to your left was taken in March of 2011 and shows signs that the city has already begun to clean up the proposed Willets Point development site.

The group of owners, through their lawyer, challenged the city in the courts stating that the use of eminent domain requires demonstration of a public use. Since no developer has signed on to the plan outlined above, and won't sign up without the city paying many millions for all of the clean up and the new infrastructure, the group claims it's just a plan - not a public use.

Willets Point Real Estate Development - Flushing

A fire broke out the first week of April 2011 at Willets Point and a building of one of the holdouts was severely damaged. Approximately 140 firemen responded to extinguish the blaze - one of whom suffered minor injuries.

The city said it will use eminent domain to seize the remaining properties in 2012 if necessary. In an eminent domain seizure, a fair value payment is required to seize the land.

Airport Expansion – Queens Construction Projects

LaGuardia Airport opened its new control tower in January of 2011. It replaces the LaGuardia Airport control tower installed in anticipation of traffic for the 1964 World’s Fair.

Throgs Neck Bridge – Queens Construction Projects

The Throgs Neck Bridge connects Queens and the Bronx and turned 50 this year [erected 1961]. Approximately 114,000 people cross the bridge every day. Many inbound drivers come through the Kew Gardens interchange which will undergo some renovation this coming year. Watch for summer traffic.

Queens Real Estate - Related Stories

City Withdraws Plans To Use Eminent Domain

May 11, 2012 / Flushing / Queens Buzz. The Bloomberg Administration withdrew its threat to use eminent domain to condem the properties of the remaining Willets Point property-owners who did not want to sell their land. This statement was issued just prior to the beginning of court proceedings by the remaining holdouts, contesting the city's use of eminent domain.

The city had planned to remove the final holdouts and clear the way for a large new development that would include residential, commercial and office space, and parking. The city now owns 90% of the land in Willets Point, having bought out most of the prior owners.

Click here for a subsequent report about the Willets Point development in Flushing - eminent domain Sterling Companies Wilpon Katz Related Companies Steven Ross.

Queens Realtors, Queens Insurance & Banking - Links

Click here to go to the home page of TBD realtors.

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East Side Access Project Moving Along

How Will This Project Affect Manhattan Real Estate?

NYC Real Estate / Updated Summer 2016 / October 4, 2010 / Gotham Buzz NYC.

Progress on the East Side Access Tunnel project has been visible in Queens since early Spring 2010. The MTA has been busy drilling a new tunnel under the East River from LIC / Astoria, using the Sunnyside Railway Yard as its staging grounds. The photo to your left shows the view of the new tunnel being built underneath the East River from an Astoria / LIC perspective. The tunnel connects into Manhattan around 63rd Street.

Meanwhile in the Sunnyside railway yards, many of the buildings that once dotted the landscape have been demolished. Thankfully this doesn't include an old train station which has been around for many years [see photos in rest of story / slide show]. They’ve also cleared away a number of old warehouse and garage like structures along 43rd Street between Northern Blvd and 39th Avenue.

Click here to get an update on the East Side Access Project impact on NYC real estate.

Manhattan Real Estate

MTA East Side Access Project Impact On Midtown, Upper East Side & Manhattan Real Estate

NYC Real Estate / Updated Summer 2016 / October 4, 2010 / Gotham Buzz NYC. Continued.

The East Side Access Project work is intended to be completed in 2016 and will enable LIRR commuters to terminate at Grand Central Station as well as Penn Station, albeit via different trains. Currently commuters from within Queens and Long Island can only terminate at Penn Station on the west side of Manhattan. The project is expected to reduce rush hour pressure on Penn Station, as well as ease some of the rush hour pressure on the east-west subway lines in Manhattan.

The project is forecast to cost $7.3 billion. Much of which is attributable to tunneling under the East River and through 3.5 miles of subterranean Manhattan. A new lower level will be added to Grand Central Station as part of the project. There is also some work being done to the 'Harold Interlocking' in Queens. The Harold Interlocking is the switching area in the Sunnyside Railyards that is used by the rail services to move train cars to alternative tracks [see photo above left].

While much of the work is visible here in Queens, the transit impact of the changes are Manhattan-centric. The new route, shown on the map to your right shows how the new route goes across the East River and down to Grand Central Station. You can also see the old route, which travels diagonally south along the Harold Interlocking, and cuts across the East River near the Mid Town Tunnel. The old route will remain in service.

Sunnyside Woodside LIRR Station - Negligible Improvements

We had heard rumors about a new station being built in Sunnyside as well as discussion about remodeling / upgrading the Woodside station. An MTA spokesperson said that at this time no such plans are in place as part of this project. The new commuter lines are expected to handle about 160,000 passengers per day, when they are completed in 2016.

Number 7 Subway Line Extension - Manhattan Real Estate - Midtown West Side

Separately there is another MTA project underway involving the number 7 subway line, called the Number 7 Subway line extension. This project will add at least one and maybe two more stops to the #7 subway line. The #7 subway begins at Flushing Main Street, runs through western Queens and currently terminates at Times Square. The #7 subway line extension project would have the subway continue onto the Jacob Javits Center with possibly a stop added in between.

The project was orginally scheduled for completion by the end of 2013, but there have been numerous delays, setting back the project years. Estimates for the project that we’ve seen are upwards of $2 billion and climbing. While the number seven subway line is almost entirely Queens-based, according to the project goals, this effort is designed to “transform the Hudson Yards into a vibrant 24 hour neighborhood”. It likely would increase the value of real estate on the west side of Manhattan in an area that could be encompassed in Midtown West.

Any Impact On East Side Manhattan Real Estate?

Based on the information we collected it appears the impact on Queens real estate is negligible. The MTA and LIRR are using land they already own or have leased, so they won’t likely impact property prices from the perspective of supply or demand and the train lines would shoot right through the borough as they always have.

And it appears that all of these public transit changes seem focused on bringing additional traffic to Manhattan and helping the MTA manage that traffic in Manhattan. As noted above, there aren’t any train station changes or additions planned for Queens, nor are there any plans for upgrades or additions to any Queens-only transportation services. Hence, we currently don’t expect any impact on Queens real estate either as a result of these MTA transit service investments / changes. The photo above and to your right is of an old building in the Sunnyside Railyards in early 2010.

East Side Manhattan real estate could possibly benefit from a corporate point of view, making it more easily accessible to those who live on Long Island by reducing the time of the daily commute.

LIRR Thru Queens & Into Manhattan – Overview

This section of our report is to provide you with a brief overview of the LIRR transit through Queens and into Manhattan as depicted on the map to your right. According to the MTA there are currently two major LIRR transit hubs in Queens: the Flushing train station and the Jamaica train station. I would hasten to add that the Woodside station plays a unique role in the LIRR configuration as every LIRR train to / from Manhattan runs through it.

The thin grey line shows how the Jamaica branch runs north up through the Woodside station before traveling onto Penn Station on the west side of Manhattan. There are several trains that terminate in LIC, but these are less frequent. Lastly, there's a line that travels south from the Jamaica station through Brooklyn, terminating at the Atlantic Terminal.

LIRR On Long Island Coming Into Queens - Overview

There are three major LIRR lines running through Long Island into which branches of the LIRR feed. The three main lines are denoted on the map below as A, B and C and correspond to the descriptions of them below.

A. Northern Spur – Port Washington Branch

The Port Washington line of the LIRR runs along its northern track, serving communities not far east of Queens and nestled along northwestern Long Island. The trains come through Flushing and Woodside and currently terminate at Penn Station on the west side of Manhattan.

B. The Main Lines – Oyster Bay, Ronkonkoma & Port Jefferson

The main lines of the LIRR run through the middle of Long Island and reach many communities along its northern shores that are east of Port Washington. These trains come through the Jamaica Station where passengers switch to catch trains running through Woodside and into Penn Station in Manhattan.

C. The Southern Lines – Montauk, Babylon, West Hempstead, Long Beach & Far Rockaway

The southern lines of the LIRR run along the southern shores of Long Island. The line comes in from Montauk through Babylon and connect traffic from many different branches, including West Hempstead, Long Beach and Far Rockaway.

Click this link for LIRR Schedules & Fares for Manhattan, Queens & Long Island NYC & NYS.

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