Printer Friendly
The Free Library
22,741,889 articles and books

Relocation advantages in the greater boroughs.

It is no longer a hard sell to invite corporate or manufacturing America to seek space for lease or for purchase in the greater boroughs outside of Manhattan. In Queens and Brooklyn, typically hospitable hos·pi·ta·ble  
1. Disposed to treat guests with warmth and generosity.

2. Indicative of cordiality toward guests: a hospitable act.

 homes to New York's start-up businesses, worldwide corporations are now seeking space for satellite offices, back office space, and anchor operations, where satellites on a far smaller scale may operate from showroom space in Manhattan. This occurrence is quite a turn-around from prior trends up until recently, where Manhattan was the base for seed operations elsewhere.

Queens and Brooklyn are unique geographic centers richly fed by sophisticated transportation systems (advancing, as in the JFK monorail monorail, railway system that uses cars that run on a single rail. Typically the rail is run overhead and the cars are either suspended from it or run above it.  and the potential intermodel connecting JFK and LaGuardia Airports to Manhattan), and the new "Q" subway train line connecting Long Island City to Roosevelt Island Roosevelt Island
 formerly (until 1921) Blackwell's Island and (1921–73) Welfare Island

Island in the East River, between the boroughs of Manhattan and Queens, New York, New York, U.S.
 and East 63rd Street in Manhattan. With pending zoning legislation to expand the allowable use of industrial buildings to retail use, retailers are vying for accessible, high visibility locations.

Advantages of relocating to the boroughs include access to customers and markets, cost per square foot, availability of suppliers, quality of workforce, and accessibility of labor to work site. Also seen as a lure to attract and retain companies to the boroughs are the incentive packages offered through the City of New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of
 economic development programs, which recently introduced major changes such as the "straight lease program," with a recognition for the need on the part of our municipality MUNICIPALITY. The body of officers, taken collectively, belonging to a city, who are appointed to manage its affairs and defend its interests.  to compete with our tri-state neighboring neigh·bor  
1. One who lives near or next to another.

2. A person, place, or thing adjacent to or located near another.

3. A fellow human.

4. Used as a form of familiar address.


In Queens, a typically over-developed borough, retail-to-industrial conversion sites are limited and do not come cheaply. For example, with the opening of the new Home Depot The Home Depot (NYSE: HD) is an American retailer of home improvement and construction products and services.

Headquartered in Vinings, just outside Atlanta in unincorporated Cobb County, Georgia, Home Depot employs more than 355,000 people and operates 2,164 big-box
 in Flushing, Queens Flushing is an urban neighborhood in the northern part of the borough of Queens in New York City, New York. Flushing is now home to large Chinese, Korean, Indian, Hispanic, and African American communities. The neighborhood is part of Queens Community Board 7. , unimproved land in and around this retail anchor has jumped from a former value in 1994 of approximately $18 to $25 per square foot to a staggering asking price of $90 per square foot, with multiple offers on the table for seller consideration and review.

When the 50-story Citicorp Tower on Jackson Avenue in Long Island City was erected some five years ago, it inspired a frenzy of inflated property values as a new world appeared before the eyes of local landlords, who raised the asking prices of their properties as expectations of future development projects reigned. Sadly, the subsequent years have illustrated dashed hopes of ever meeting these price expectations, as insufficient street traffic prevented the enthusiastic lure of retailers to the Jackson Avenue corridor.

On the horizon, however, slated for Spring 1996, the first of seventeen 40-story commercial/residential towers beaconing the "Emerald City The Emerald City is the fictional capital city of the Land of Oz in L. Frank Baum's Oz books, first described in The Wonderful Wizard of Oz. Fictional description " of the Queens West waterfront development project in Long Island City will have it's long-awaited ground-breaking, already inviting a flurry of investment and development interest in this area once again. Unlike the Citicorp project, however, in this particular development spur, the backbones of a full-scale development project replete re·plete  
1. Abundantly supplied; abounding: a stream replete with trout; an apartment replete with Empire furniture.

2. Filled to satiation; gorged.

 with community input and participation have taken place, opening doors to draw retailers, investors and new residents to Long Island City with unprecedented variety and intensity. The spinoff to retail and support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services  will naturally follow.

Already, we have seen industrial sections of Queens undergo a renaissance. The Sports Authority Sports Authority is the USA's largest full line sporting goods retailer. The company is headquartered in Englewood, Colorado. It operates over 400 stores in 45 U.S. states under the Sports Authority name. Total sales for the fiscal year ending January 29 2005 were $2.44 billion.  in Long Island City, which recently had its grand opening in the location of a vacant auto dealership, opened next door to the former Ronzoni plant. The Ronzoni plant itself is scheduled for a make-over to a 125,000 square foot K-Mart store directly on Northern Boulevard, opening across the street from the new Tops Appliance retail store, housed in the former Associated Retailers Building warehouse, which is now re-suited as a high-visibility retail showroom. Forest City Ratner Companies have announced plans to ground lease the 200,000 square foot Gallo Wine site in this corridor, with 75 percent of the space already pre-leased to major retailers.

Brooklyn, a still as of yet under-developed borough, also offers a wide array of unimproved land and large industrial sites centered in and around critical mass population density for true development potential value. For example, in November 1995 in Greenpoint, Brooklyn Greenpoint is the northernmost neighborhood in the New York City borough of Brooklyn. It is bordered on the southwest by Williamsburg at the Bushwick inlet, on the southeast by the Brooklyn-Queens Expressway and East Williamsburg, on the north by Newtown Creek and Long Island , a site formerly used as a Mobil Oil Terminal became home to The Samuel Feldman Lumber Company, which took occupancy in a 175,000 square-foot industrial-to-retail conversion as a competitor to The Home Depot. One only has to look at the map of New York City New York City: see New York, city.
New York City

City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S.
 and its boroughs to see the spectacular advantages to basing operations in these geographic areas, situated only minutes from the Brooklyn Battery Tunnel, Manhattan, Brooklyn, and Williamsburg Bridges, and the Queens Midtown Tunnel The Queens Midtown Tunnel (sometimes simply Midtown Tunnel) is a toll road in New York City. It crosses under the East River and connects the Borough of Queens (at the Long Island City terminus of I-495, the Long Island Expressway) with the Borough of Manhattan (between the , which can be reached in seconds from Greenpoint, Brooklyn's northernmost community, bordering Long Island City, Queens Long Island City (often abbreviated L.I.C.) is the western-most neighborhood of the borough of Queens in New York City. It is bounded on the north and west by the East River; on the east by Hazen Street, 49th Street .

Credit for the economic success of borough real estate is given to the fact that property is well-priced, allowing for entrepreneurial risk-taking in response to "niches within industries that feed the distinct and rapidly changing appetites of New Yorkers," (New York Times, 9/4/95). Companies facing typically-cited aggravations of life in New York City argue that they nonetheless need the market access, suppliers and customers, with which no fax machine or online program can compete or replace. A recent cover story in The New York Times touted Long Island City as a particularly prosperous industrial and commercial business community, organized in large part through a business membership organization known as the Long Island City Business Development Corporation, whose business members form its Board of Directors in a voluntary capacity.

Such local development corporations, scattered throughout Queens, Brooklyn and The Bronx, and often funded with City and State funds, collectively represent a tremendous boom to the fostering of an economic success story in the boroughs.

Also cited as evidence of unique value in a city often cited for its labor problems is the vast supply of skilled employment available for work in the trades, such as printing, painting, metal trades, sewing and graphics work. In August 1994, The New York Times ran another rather propitious pro·pi·tious  
1. Presenting favorable circumstances; auspicious. See Synonyms at favorable.

2. Kindly; gracious.

[Middle English propicius, from Old French
 cover story discussing the improving outlook for industry in New York, citing three factors as its cause: the shift away from large scale mass-production inviting specialized smaller industries to succeed; the drive on the part of small business to respond quickly to consumer trend-oriented tastes; and the collapse of a 1980's run-away real estate market that has limited the conversion of industrial buildings and thus expanded the opportunities available in industrial buildings which might otherwise remain vacant.

Marjorie D. Seaman, a resident of Manhattan, is President of Seaman Realty & Management Co., Inc. in Long Island City, Queens and was formerly an Aide in the Koch Administration administering economic development programs to attract and retain industry in the boroughs.
COPYRIGHT 1996 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion




Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Annual Review and Forecast; New York, New York
Author:Seaman, Marjorie D.
Publication:Real Estate Weekly
Date:Jan 31, 1996
Previous Article:Taking the long view on rent regulation reform.
Next Article:The Realtor trademark: a professional edge.

Related Articles
Service sector to support future growth.
Value, stable rents to dominate office market.
Outer borough growth fueled by small deals.
'And a wonderful view of Manhattan'.
Where does your man stand? The candidates weigh in.
Seaman Realty starts 'Building Art' program.
Newmark CEO recommends ideas for the city economic development.
David Knight honored by Bailey House. (Transcrpits).
Manhattan apartment market strengthening.
Deal makes firm second biggest DUMBO office tenant.

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters