|Area||75,814,214 sq. ft.|
|Rental listings||165 no-fee, 22 fee ads|
Long Island City had a somewhat abortive history of artist-driven gentrification. For a while (all through the 1990s), it was largely considered to be the "next big thing" for artists which were already starting to flee the rising rents of increasingly gentrified Williamsburg and Greenpoint (in retrospect, they hadn't seen nothing yet at the time). The arrival of P.S.1. and the opening of the now-defunct "5 Points" building, where many artists rented workspace, lent some credibility to the thesis of LIC as the next art mecca.
But the anticipated large-scale artist migration never happened and the neighborhood sort of leapfrogged the "bohemian" stage of gentrification and headed straight for the "wow that's expensive" stage. The heady 2000s brought a rash of high-rise developments along the East River. Several mid-rise (but high-profile) condos have been built as well. Artists and bohemians their residents aren't. But few landlords bemoan it. There is still some loft space available in the area, but hardly any of it is affordable.
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Although prices are lower than in Manhattan, they are higher than in neighboring Astoria. New condos are priced around $700 per s/f (2007 data).