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Is Long Island City Facing Rental Inventory Overload?

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Long Island City is already slated to get 2,100 new rental apartments by 2013, thanks to TF Cornerstone's East Coast project. So really, what's another 1,300 units? Exactly what Jerry Wolkoff, owner of 5Pointz, has in mind for the neighborhood's graffiti capital. He also plans to add a "Manhattan-like mix" of amenities, stores, restaurants, a supermarket, and a 20,000-square-foot park, according to the Daily News. But it's the apartments themselves that have some folks worried about LIC's rental inventory getting saturated. Modern Spaces broker Eric Benaim tells the Daily News Wolkoff should think smaller, or at least bring the 5Pointz rental conversion to the market in stages. Otherwise, LIC might be the next Williamsburg?in the negative sense of the phrase.
· Owners tout plan to rebuild 5Pointz in Queens' Long Island City [NYDN]
· 5 Pointz coverage [Curbed]