Economic headwinds provide business opportunities in Queens

NEW YORK (WCBS 880) — There are possibilities for enterprise development in Queens as a lot more inhabitants move out of Manhattan over superior rents in an economy battered by large inflation and its toll on value-of-residing expenses.

Prolonged Island Metropolis and Jamaica are among the parts the place new apartment buildings are currently being erected.

“There are roughly more than 10,000 new condominium units coming to Downtown (Jamaica) in the upcoming 24 to 36 months,” explained Justin Rodgers, president and main government officer of the Higher Jamaica Development Corporation on the WCBS Modest Business enterprise Spotlight, sponsored by Dime Local community Bank.

The Queens indigenous said there will be a will need for new eating places, bars and nightlife.

“So now, the concentration actually is to get mom and pop dining places on side streets in which rents could vary anyplace concerning $30 for each sq. foot to maybe $60 for every sq. foot,” he said.

Rodgers’ pitch to enterprise homeowners is a line from the 1989 movie “Industry of Desires”: “If you create it, they will arrive.” With bigger density in the most diverse borough of New York City, he believes independently owned restaurants in residential neighborhoods would fare superior than on Jamaica Avenue, where by rents have soared to up to $250 per sq. foot.

“Just before the pandemic, we had (a) quite hard time seeking to appeal to our mom and pop dining establishments to Downtown Jamaica, specifically, but you know, funding has now become an problem with curiosity costs escalating and it appears to be like the Fed is going to absolutely boost premiums after all over again.”

Jamaica, Queens, is observed with the Manhattan skyline in the length.

Photo credit score Victor J. Blue/Bloomberg through Getty Images

The Increased Jamaica Advancement Corporation has opened a new co-doing the job room on Parsons Boulevard for hybrid personnel in each the non-public and community sector.

“We are locating that a ton of organizations in the health care field we are setting up to bring in to our co-doing the job place, environmental companies we are attracting to our co-operating house, as effectively as community affairs form of corporations,” reported Rodgers. “Most of these firms are either sole proprietors or have probably one particular or two staff members, but I would certainly say, precisely, healthcare is certainly somewhere wherever individuals surely need to appear into.”

The JFK Revitalization Job is also furnishing options for smaller and mid-dimension companies in which minority and girls-owned enterprises (MWBE) are prioritized for point out contracts.

“That’s a fantastic possibility for small corporations in Queens to try out to figure out how to get concerned with that venture,” mentioned Rodgers, who co-chairs the project’s organization progress committee. “It truly is $18 billion well worth of operate and it’s not only on the design aspect, you have professional services and sellers as perfectly.”

Gov. Kathy Hochul’s office predicts the JFK Revitalization Undertaking will make more than 10,000 careers.

Rodgers explained to WCBS 880 he will assist any compact business proprietor who would like to apply. You can call him via the Larger Jamaica Progress Corporation at (718) 291-0282.

See much more on wherever to location company opportunities in Queens on the WCBS Tiny Enterprise Highlight online video higher than.

Featured Impression Picture Credit history: Victor J. Blue/Bloomberg through Getty Illustrations or photos

Maria Flores

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