US Credit Downgrading and Recent Views on the Economy and Long Island City Opportunities

Long Island City, New York August 9, 2011 - All eyes are watching the DOWNS and UPS of stocks, bonds, gold prices, interest rates, and oil.  OurLIC thought it would be useful to bring forward some of the recent news articles that we have provided that may help give confidence to the community. It is our view that Long Island City is uniquely positioned to offer opportunities to stakeholders that will help the area prosper during the coming year... and years. For this assessment we offer the following thoughts: We have watched the Long Island City community evolve during recent years because of deep commitments and resolve to follow a development plan that has been on track for the past 20 years. The plan was based on a vision. That vision has had passionate support of a variety of community leaders and elected officials who have been bonded in this common vision. The vast majority of the investments and capital commitments required to achieve the VISION for Long Island City have already been made. We see a community of developers, enterpreneurs, elected officials, business people, and institutional leaders who understand that INNOVATION is leadership, and leadership requires innovation.  People that we are talking to are reaching for new ways to accomplish the objectives that they have, and not just doing the same tasks. We see local banks that want to be part of the magical growth of the greater Long Island City community. Even during the past few years, several of these banks have been lending to small and medium size businesses in the area. We speak of Queens as "DIVERSE".  This is also true of our business and entrepreneurial community. The investments from people, companies, financial institutions, and others that have already been made in Long Island City not only provide a base of international stakeholders, it gives the Queens community a competitive edge. China, a large factor in the US economy and in the US Deficit funding, is not an alternative for confident investment.  The laws are different. The risks are higher. Without massive change in the geopolitics of China, it is possible that there will be a shift in business investment to the US, and specifically Long Island City and Queens.  No country is as industrious and innovative as the United States. Long Island City has had a wave of high rise residential development. Commercial real estate is abundant.  There are large and small buildings in the area that represent relatively inexpensive space for engineering companies, technology companies, biotech companies, internet companies, soup companies, and anything else that the entrepreneurial imagination can conjure up.  The space is here, and represents a pallete of opportunity that will create jobs. The Long Island City community has a labor pool, and an executive talent pool.  Whoever has not moved here, can commute here through an amazing network of subways that will bring the talent and labor pool here from Manhattan, Queens. Brooklyn and Long Island. When we all consider pools of talent, labor, and executives, we can also keep in mind that the residential real estate development has not stopped. In fact, the Hunters Point South area that is now under construction, as well as the new condominiums represent an increase in the talent, labor, and executive pool from which we can draw.  It also means that these people will be customers in local Long Island City stores and restaurants. In addition, the new school being built will mean young people who need after school jobs and part time employment. Long Island City is the physical epicenter of New York City. It is attractive and enticing for living, working and fun. Long Island City has also had  a wave of hotel development.  This leads the LIC community to very substantial opportunities for TOURISM. Tourism, one of the largest sectors of any economy is especially important because it requires little capital investment.  As long as a community has something to offer tourists and visitors, they will come as a result of marketing. For the same reasons that LIC is attractive to residents, the community is attractive to tourists. The cultural growth of Long Island City has such anchors as MoMA PS1, Nogucci Museum, Fisher Landau, The Museum of the Moving Image. and one of the single largest clusters of artist studios in the world. It is worth mentioning that the Long Island City economy is not dependent on the Financial Industry. Greater Long Island City is fast becoming a restaurant destination for those who appreciate top quality foods. Finally, the three large film production companies in the area serve the entertainment industry, which seems to be resiliant. Similarly, Citi Field and the US Open provide an underlying sports vitality. For these and other reasons, we believe that the Long Island City community will be an exception and be ahead of the curve even if the US economy continues to struggle. OurLIC offers the following roundup of articles to help assess today's economic trends and community development. Economy Peter D'Antonio is a Director and U.S. Economist in the Economic and Market Analysis unit of Citigroup, based in New York. "Challenges to Economic Recovery": Citibank Economist, Dr. D'Antonio, Shares His Observations on U.S. Economic Conditions and Trends  4/14/2011 If you sell discretionary products, it is time to ramp-up and start competitively marketing. US consumers are shopping again! Peter D'Antonio, Citigroup's Economist and Market Annalyst, gave a view and trend analysis of the US economy from 20,000 ft. during a presentation to business people at a breakfast meeting organized by Long Island City Business Development Corporation [ LICBDC ]. Slides and comments presented a mixed message about the health of the US Economy, jobs, recovery, and long term prospects.  Go to Full OurLIC Article, Video and Photos for "Challenges to Economic Recovery": Citibank Economist, Dr. D'Antonio, Shares His Observations on U.S. Economic Conditions and Trends  4/14/2011 Business News Mort Zuckerman Speaks at Queens Chamber of Commerce Breakfast 5/24/2011 Mort Zuckerman is "Cautiously Optimistic" Mort Zuckerman, owner of NY DAILY NEWS and US NEWS & WORLD REPORT, addressed the Queens Chamber of Commerce Breakfast Meeting 5/24/2011 Mort Zuckerman told the business community, gathered at the Queens Chamber of Commerce Annual Breakfast & EXPO, that he has shifted from "cautiously pessimistic" to "cautiously optimistic".   He described the devastating blow of the financial crisis as a "tsunami" that hit the financial world.  He also reminded the group that the Stimulus Funds, injected into the economy by the Obama Administration, will be fully deployed by the end of June.  Since these funds helped to offset the impact of the financial crisis, the impact of the loss of the stimulus money is unpredictable. Zuckerman was critical of the use of the stimulus funds because they were not applied to the type of programs and projects that would have created 1.5 - 1.7 jobs for every job added or saved.   Zuckerman was referring to the food chain effect, where several new jobs are created to support the work and efforts one job creates by adding new capital. By detailing several forms of unemployment,  Zuckerman detailed that the financial crisis has lifted the percentage of employable people who are not working to 17%-18%, not the 9.0%+ that is reported.  He noted that New York City has been hurt less by the financial crisis than other parts of the country. Go to Full OurLIC Article, Video and Photos for Mort Zuckerman is "Cautiously Optimistic" Economic Development William Dudley, President Federal Reserve Bank of New York William Dudley, President Federal Reserve Bank of NY, Addresses Queens Business Leaders.  Calls Queens a "Land of Opportunity for Immigrants from All Over the World" Dudley Reviews Queens and NYC as Compared to the Rest of the US. The President of the  Federal Reserve Bank of New York, William Dudley, addressed a gathering of business leaders brought together by the Queens Chamber of Commerce and Queens Economic Development Corporation ( QEDC ).   His comments covered current monetary policy and problems in the economy, new tools for protecting the country against inflation, and his reflections on Queens. Dudley stated that his comments today are a reflection of his own thinking, and not a representation of the Federal Reserve's Open Market Committee. He started by describing the role of the Fed and why his job is so interesting. Go to Full OurLIC Article, Video and Photos for William Dudley, President Federal Reserve Bank of NY, Addresses Queens Business Leaders.  Calls Queens a "Land of Opportunity for Immigrants from All Over the World" New York City News Seth Pinsky, President, New York City Economic Development Corporation (NYCEDC) Seth Pinsky, President NYCEDC, Re-Defines Economic Strategy for New York City's Future 6/10/2011 President of New York City Economic Development Corporation outlines challenges for NYC's Future during a speech at the Queens College Breakfast Forum Seth Pinsky told a group of business leaders gathered at a Queens breakfast forum that New York City had to be more innovative in order to compete effectively against world class cities that have emerged as modernized during the past twenty years. Failure to re-invent NYC as a center for future industries will put the city at risk. Pinsky outlined the plan which is driven by Mayor Bloomberg's commitments. OurLIC attended the Queens College Breakfast Forum and video recorded the entire event.  The video recording is presented with this article. Watch here for highlights. Go to Full OurLIC Article, Video and Photos for Seth Pinsky, President NYCEDC, Re-Defines Economic Strategy for New York City's Future 6/10/2011 Economic Development Robert Steel, Deputy Mayor for Economic Development of the City of New York; Addresses Queens Economic Development Leadership Council. Deputy Mayor for Economic Development Robert K. Steel,  Addresses Queens Economic Development Leadership Council 2/24/2011 Organized by Melva Miller, Director of Economic Development for the Office of the President, Borough of Queens, Helen B. Marshall, President, Hosted Deputy Mayor Robert Steel. Deputy Mayor Robert Steel addressed a approximately 100 Queens business people,  Economic Development Organization Leaders, and local Chamber of Commerce Directors at Borough Hall in Kew Gardens at the Quarterly meeting of the Queens Economic Development Leadership Council [ BACKGROUND:  QEDLC ]. Robert Steel took over as Deputy Mayor for Economic Development from Robert Lieber He has stepped up commitment to large projects in Queens including Hunters Point South and Long Island City. Go to Full OurLIC Article, Video and Photos for Deputy Mayor for Economic Development Robert K. Steel,  Addresses Queens Economic Development Leadership Council 2/24/2011   Real Estate Panelists Highlight a More Intimate Community and Better "QUALITY OF LIFE" in Long Island City, Indicating an Underlying Shift Real Estate Panel for Long Island City New York Daily News Panelist Panel of Jet Blue, Related, and Daily News Express Views of Long Island City Move the clock forward twelve months from June 2010.  Things have changed fast in Long Island City.  Long Island City Real Estate Meeting and Special Report.  LICBDC Breakfast Panel This year, the Long Island City Partnership Real Estate panelists represented a new, large corporate tenant (Jet Blue), a large residential developer/builder (Related), and a writer for the Daily News. The moderator, David Brause of Brause Realty, represented both the BID, now called Long Island City Partnership, and real estate development interests. The topic was "Real Estate", but the message was different than twelve months ago. Go to Full OurLIC Article, Video and Photos for Real Estate Panelists Highlight a More Intimate Community and Better "QUALITY OF LIFE" in Long Island City, Indica

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