THE REJUVENATION LONG ISLAND CITY

30 Years in the Making

The population of Long Island City is set to explode and demographics are about to change radically. There will be more than 15,000 residential rental and condominium units entering the market over the next four years, according to Guild Partners' project database.

Applying the 2000 average of 2.56 people per household implies population growth of over 38,400 people, or a 150% increase over the next six years or so. Only 25,595 people lived in Long Island City as of the latest census data in 2000. The median household income level was $28,872, or 68% of the average for the U.S., with 27% below the poverty level. The economic backdrop will be inexorably altered, as the median home value was $187,200 in 2000, while the vast majority of new units being added are selling for $500,000 and up.

P.S.1, the world renowned showcase for cutting-edge contemporary artists, was founded in an abandoned school building in Long Island City in 1971.

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