By Grubb Properties Development Team
February 7, 2024
The New York metropolitan rental market has been remarkably resilient. Even as occupancy rates nationwide have dipped to 94.1% as of December 2023 from a 10-year average rate of 95.4%, New York maintained a rate of 96.7%, only slightly below its 10-year average of 96.8%, according to RealPage Analytics.
At $3,980 a month in July 2023, the city also has the highest median rent for a one-bedroom in the country, according to rental firm Zumper.
Grubb Properties will bring almost 900 units of essential housing to New York City with two new Link Apartments℠ communities.
Construction is underway at Link Apartments℠ QPN, the first Link Apartments community to break ground in New York.
Located at 25-01 Queens Plaza North in the Long Island City neighborhood of Queens, Link Apartments℠ QPN will rise 311 feet over 26 floors. It will include 417 units, with 124 of those units set aside for those earning below 130% of AMI, as well as 7,600 square feet of ground-floor retail space. The community is in a Qualified Opportunity Zone.
In December, contractors reached the 11th floor with concrete pours, and work has started on the 12th floor amenity spaces, with the rooftop terrace pool nearing completion.
Plumbing and HVAC infrastructure have been installed on the lower floors, and window installation has begun.
Improvements to the adjacent subway station have also begun. Grubb Properties partnered with the Department of City Planning and Metropolitan Transportation Authority to participate in New York’s Zoning for Accessibility program. In exchange for additional density, Grubb Properties will make the Queensboro Plaza subway station fully accessible by adding a 24/7 street-level elevator. This marks only the second use of the Zoning for Accessibility program and the first outside of Manhattan.
“Link Apartments QPN is bringing both much-needed essential housing and transit accessibility to Long Island City,” said Clark Spencer, Managing Director, Investments. “This is a great example of the benefits that can be achieved when government and private enterprise work together.”
Link Apartments℠ QPN is projected to open to residents in 2025.
Located in the Financial District at the corner of Washington and Carlisle Streets, Link Apartments℠ 8 Carlisle will rise 66 stories and include 462 residential units and 7,000 square feet of commercial space.
Vacant for at least ten years, the site had formerly been used as a parking garage and industrial storage. Grubb is currently in the process of cleaning up the brownfield site, carefully removing contaminated soil while employing air quality monitors and other measures to ensure the safety of the neighbors. The construction team is also working on the foundation for the community.
Link Apartments℠ 8 Carlisle is expected to open to residents in 2026.