123-774: One Court Square , also known as the Citicorp Building or the Citigroup Building , is a 50-story, 673-foot (205 m) office tower in Long Island City , Queens , across the East River from Manhattan in New York City , United States. It was completed in 1989 and designed by Skidmore, Owings & Merrill for Citigroup . The building was the tallest in Queens from its completion until
246-414: A college education or higher, while 16% have less than a high school education and 33% are high school graduates or have some college education. In Community Board 2, 45% of residents age 25 and older have a college education or higher, 19% have less than a high school education and 35% are high school graduates or have some college education. By contrast, 39% of Queens residents and 43% of city residents have
369-466: A college education or higher. The percentage of Community Board 1 students excelling in math rose from 43 percent in 2000 to 65 percent in 2011, and reading achievement rose from 47% to 49% during the same time period. Similarly, the percentage of Community Board 2 students excelling in math rose from 40% in to 65%, and reading achievement rose from 45% to 49%, during the same time period. Long Island City's rate of elementary school student absenteeism
492-640: A commercial rooftop farm run by Brooklyn Grange . High-rise housing is being built on a former Pepsi-Cola site on the East River. From June 2002 to September 2004, the former Swingline Staplers plant was the temporary headquarters of the Museum of Modern Art . Other former factories in Long Island City include Fisher Electronics , Marantz and Chiclets Gum. Long Island City's turn-of-the-century district of residential towers, called Queens West,
615-478: A crisis of ideas in mainstream economics and within the economics profession, and call for a reshaping of both the economy, economic theory and the economics profession. They argue that such a reshaping should include new advances within feminist economics and ecological economics that take as their starting point the socially responsible, sensible and accountable subject in creating an economy and economic theories that fully acknowledge care for each other as well as
738-483: A height of 673 feet (205 m) and 50 stories above ground. It has no setbacks until near the top, where it culminates in a pyramidal shape. The interior contains 1.4 million square feet (130,000 m) of rentable space. Its official address is 2501 Jackson Avenue. The tower had been the tallest building in New York state outside of Manhattan , and the tallest building on Long Island , for 30 years. In 2019,
861-693: A high population of residents who are uninsured . In 2018, this population of uninsured residents was estimated to be 12% in Community Board 1 and 16% in Community Board 2, compared to the citywide rate of 12%. The concentration of fine particulate matter , the deadliest type of air pollutant , is 0.0078 milligrams per cubic metre (7.8 × 10 oz/cu ft) in northern Long Island City and 0.0093 milligrams per cubic metre (9.3 × 10 oz/cu ft) in southern Long Island City. Nineteen percent of Community Board 1 residents and fourteen percent of Community Board 2 residents are smokers , compared to
984-487: A manufacturing site producing items like distributor caps, was once located in the industrial neighborhood of Long Island City until purchased by Acuman Partners in 2008 for $ 40 million. The Standard Motor Products Building was put on the market by Acuman in 2014 and acquired by RXR Realty, LLC for $ 110 million. The former factory built in 1919 now houses the Jim Henson Company , Society Awards , and
1107-490: A minimum, there's a little 'froth' [in the U.S. housing market]...it's hard not to see that there are a lot of local bubbles". The Economist , writing at the same time, went further, saying, "[T]he worldwide rise in house prices is the biggest bubble in history". Real estate bubbles are (by definition of the word "bubble") followed by a price decrease (also known as a housing price crash ) that can result in many owners holding negative equity (a mortgage debt higher than
1230-423: A move to New Jersey to stay in the city. The tax breaks amounted to $ 97 million over 13 years. In exchange, Citicorp funded a $ 8.5 million improvement to the nearby Court Square–23rd Street station and created a 16,000 square feet (1,500 m) plaza for public use. It also built a 750-car parking garage nearby. Citicorp initially intended to lease part of the building, but eventually decided to occupy
1353-572: A resolution preventing CFTC from regulating derivatives for another six months — when Born's term of office would expire. Ultimately, it was the collapse of a specific kind of derivative, the mortgage-backed security , that triggered the economic crisis of 2008. Paul Krugman wrote in 2009 that the run on the shadow banking system was the fundamental cause of the crisis. "As the shadow banking system expanded to rival or even surpass conventional banking in importance, politicians and government officials should have realised that they were re-creating
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#17327753396501476-770: A sharp drop in international trade , rising unemployment and slumping commodity prices. Several economists predicted that recovery might not appear until 2011 and that the recession would be the worst since the Great Depression of the 1930s. Economist Paul Krugman once commented on this as seemingly the beginning of "a second Great Depression". Governments and central banks responded with fiscal policy and monetary policy initiatives to stimulate national economies and reduce financial system risks. The recession renewed interest in Keynesian economic ideas on how to combat recessionary conditions. Economists advise that
1599-692: A ten-member Board of Aldermen with two representing each of the city's five wards. City ordinances could be passed by a majority vote of the Board of Aldermen and the mayor's signature. Long Island City held its first election on July 5, 1870. Residents elected A.D. Ditmars the first mayor; Ditmars ran as both a Democrat and a Republican . The first elected Board of Aldermen was H. Rudolph and Patrick Lonirgan (Ward 1); Francis McNena and William E. Bragaw (Ward 2); George Hunter and Mr. Williams (Third Ward); James R. Bennett and John Wegart (Ward Four); and E.M. Hartshort and William Carlin (Fifth Ward). The mayor and
1722-510: A tool for taking excessive risks. Examples of vulnerabilities in the public sector included: statutory gaps and conflicts between regulators; ineffective use of regulatory authority; and ineffective crisis management capabilities. Bernanke also discussed " Too big to fail " institutions, monetary policy, and trade deficits. There are several "narratives" attempting to place the causes of the recession into context, with overlapping elements. Five such narratives include: Underlying narratives #1–3
1845-413: Is a hypothesis that growing income inequality and wage stagnation encouraged families to increase their household debt to maintain their desired living standard, fueling the bubble. Further, this greater share of income flowing to the top increased the political power of business interests, who used that power to deregulate or limit regulation of the shadow banking system. Narrative #5 challenges
1968-453: Is a neighborhood on the western tip of the New York City borough of Queens . It is bordered by Astoria to the north; the East River to the west; Sunnyside to the east; and Newtown Creek , which separates Queens from Greenpoint, Brooklyn , to the south. Incorporated as a city in 1870, Long Island City was originally the seat of government of the Town of Newtown , before becoming part of
2091-468: Is about equal to the rest of New York City. Nineteen percent of elementary school students in Community Board 1 and eleven percent in Community Board 2 missed twenty or more days per school year , less than the citywide average of 20%. Additionally, 78% of high school students in Community Board 1 and 86% of high school students in Community Board 2 graduate on time, more than the citywide average of 75%. Great Recession The Great Recession
2214-466: Is considered to be high-income relative to the rest of the city and not gentrifying. According to the 2020 census data from New York City Department of City Planning , the southern portion of Long Island City south of the Queensboro Bridge had an approximate average equal population of White and Asian residents with each their populations being between 10,000 and 19,999 residents, while
2337-454: Is less than that of the city as a whole. The incarceration rate of 163 per 100,000 people is lower than that of the city as a whole. The 108th Precinct has a lower crime rate than in the 1990s, with crimes across all categories having decreased by 88.2% between 1990 and 2018. The precinct reported 2 murders, 12 rapes, 90 robberies, 108 felony assaults, 109 burglaries, 490 grand larcenies, and 114 grand larcenies auto in 2018. Long Island City
2460-602: Is located along the East River, just north of the LIRR's Long Island City Station. Redevelopment in Queens West reflects the intent to have the area as a major residential area in New York City, with its high-rise residences very close to public transportation, making it convenient for commuters to travel to Manhattan by ferry or subway. The first tower, the 42-floor Citylights, opened in 1998 with an elementary school at
2583-570: Is now one of the buildings which houses LaGuardia Community College . Other buildings on the campus originally served as the location of the Ford Instrument Company, which was at one time a major producer of precision machines and devices. Artist Isamu Noguchi converted a photo-engraving plant into a workshop; the site is now the Noguchi Museum , a space dedicated to his work. The Standard Motor Products headquarters,
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#17327753396502706-834: Is served by the following New York City Fire Department (FDNY) fire stations: Formerly, Engine Company 261/Ladder Company 116 was located at 37-20 29th Street, until it was closed in 2003 as a cost-saving measure. As of 2018 , preterm births are more common in southern Long Island City than in other places citywide, but are less common in northern Long Island City; births to teenage mothers are less common than citywide in both areas. In northern Long Island City, there were 84 preterm births per 1,000 live births (compared to 87 per 1,000 citywide), and 15.1 births to teenage mothers per 1,000 live births (compared to 19.3 per 1,000 citywide). In southern Long Island City, there were 90 preterm births per 1,000 live births, and 14.9 births to teenage mothers per 1,000 live births. Long Island City has
2829-466: Is the timing. Subprime lending increased from around 10% of mortgage origination historically to about 20% only from 2004 to 2006, with housing prices peaking in 2006. Blaming affordable housing regulations established in the 1990s for a sudden spike in subprime origination is problematic at best. A more proximate government action to the sudden rise in subprime lending was the SEC relaxing lending standards for
2952-515: The American Enterprise Institute , which advocates for private enterprise and limited government, have asserted that private lenders were encouraged to relax lending standards by government affordable housing policies. They cite The Housing and Community Development Act of 1992, which initially required that 30 percent or more of Fannie's and Freddie's loan purchases be related to affordable housing. The legislation gave HUD
3075-513: The City of Greater New York in 1898. In the early 21st century, Long Island City became known for its rapid and ongoing residential growth and gentrification , its waterfront parks, and its thriving arts community. The area has a high concentration of art galleries, art institutions, and studio space. Long Island City is the eastern terminus of the Queensboro Bridge , the only non-tolled automotive route connecting Queens and Manhattan . Northeast of
3198-492: The Commodity Futures Trading Commission , put forth a policy paper asking for feedback from regulators, lobbyists, and legislators on the question of whether derivatives should be reported, sold through a central facility, or whether capital requirements should be required of their buyers. Greenspan, Rubin, and Levitt pressured her to withdraw the paper and Greenspan persuaded Congress to pass
3321-735: The Hunters Point Historic District , a national historic district that includes 19 contributing buildings along 45th Avenue between 21st and 23rd Streets. They are a set of townhouses built in the late 19th century. The historic district was created by the New York City Landmarks Preservation Commission in 1968, and was listed on the National Register of Historic Places in 1973. The modern Queens West and Hunter's Point South developments are located on
3444-676: The IMF criteria for being a global recession only in the single calendar year 2009. That IMF definition requires a decline in annual real world GDP per‑capita . Despite the fact that quarterly data are being used as recession definition criteria by all G20 members , representing 85% of the world GDP , the International Monetary Fund (IMF) has decided—in the absence of a complete data set—not to declare/measure global recessions according to quarterly GDP data. The seasonally adjusted PPP ‑weighted real GDP for
3567-571: The New York City Council 's 26th District. Long Island City was incorporated as a city on May 4, 1870, from the merging of the village of Astoria and the hamlets of Ravenswood , Hunters Point , Blissville , Sunnyside , Dutch Kills , Steinway, Bowery Bay and Middleton in the Town of Newtown. At the time of its incorporation, Long Island City had between 12,000 and 15,000 residents. Its charter provided for an elected mayor and
3690-549: The New York City Subway 's IND Queens Boulevard Line ( E and M trains); Citigroup Center is near Lexington Avenue–53rd Street , while One Court Square is right above Court Square–23rd Street , the next station east. Citicorp , the largest bank in the United States at the time, announced plans to build an office tower in Long Island City in Queens in 1985. It was commissioned by
3813-571: The ZIP Code 11101, is a neighborhood within Long Island City, located at 40°44′4.87″N 73°56′9.81″W / 40.7346861°N 73.9360583°W / 40.7346861; -73.9360583 and bordered by Calvary Cemetery to the east; the Long Island Expressway to the north; Newtown Creek to the south; and Dutch Kills, a tributary of Newtown Creek, to the west. Blissville was named after Neziah Bliss, who owned most of
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3936-517: The government of New York State to construct one of two campuses for its proposed Amazon HQ2 at Queens West in Long Island City. The other campus would be located at National Landing in Crystal City, Virginia . Both campuses would have 25,000 workers. The selection was confirmed by Amazon on November 13, 2018. On February 14, 2019, Amazon announced it was pulling out, citing unexpected opposition from local lawmakers and unions. In 1870,
4059-531: The subprime mortgage crisis . The combination of banks being unable to provide funds to businesses, and homeowners paying down debt rather than borrowing and spending, resulted in the Great Recession that began in the U.S. officially in December 2007 and lasted until June 2009, thus extending over 19 months. As with most other recessions, it appears that no known formal theoretical or empirical model
4182-405: The topping out of Skyline Tower in 2019, and for many years was the only skyscraper in Long Island City. It is now home to telecommunications firm Altice USA , whose logo adorns the top of the building, among other tenants. One Court Square was designed by Raúl de Armas of Skidmore, Owings and Merrill and is owned by Savanna. The building has a green-tinted glass-wrapped facade, and rises
4305-431: The 1990s, Queens West on the west side of Long Island City was developed to revitalize 74 acres (30 ha) along the East River , with plans to bring in as many as 16,000 new residents in a total of 19 new buildings. In 2001, the neighborhood was rezoned from an industrial neighborhood to a residential neighborhood, and the area underwent gentrification , with developments such as Hunter's Point South being built in
4428-429: The 19th and early 20th centuries, the current banking panic is a wholesale panic, not a retail panic. In the earlier episodes, depositors ran to their banks and demanded cash in exchange for their checking accounts. Unable to meet those demands, the banking system became insolvent. The current panic involved financial firms "running" on other financial firms by not renewing sale and repurchase agreements (repo) or increasing
4551-506: The 19th century. The tributary of the same name connected to Sunswick Creek at its north end, which facilitated commerce in the region. The canalization of Newtown Creek and the Kills at the end of the 19th century intensified industrial development of the area, which prospered until the middle of the 20th century. The neighborhood is currently undergoing a massive rezoning of mixed residential and commercial properties. Blissville, which has
4674-416: The 19th century. Yet, over the past 30-plus years, we permitted the growth of a shadow banking system – opaque and laden with short term debt – that rivaled the size of the traditional banking system. Key components of the market – for example, the multitrillion-dollar repo lending market, off-balance-sheet entities, and the use of over-the-counter derivatives – were hidden from view, without
4797-484: The BID's size and budget be doubled, and the BID was again expanded in 2024. Eagle Electric , now known as Cooper Wiring Devices, was one of the last major factories in the area, before it moved to China ; Plant No. 7, which was the largest of their factories and housed their corporate offices, is being converted to residential luxury lofts . Long Island City is currently home to the largest fortune cookie factory in
4920-494: The East River waterfront. Long Island City is home to a large and dynamic artistic community. Woodside, Sunnyside, and Long Island City are patrolled by the 108th Precinct of the NYPD , located at 5-47 50th Avenue. The 108th Precinct ranked 25th safest out of 69 patrol areas for per-capita crime in 2010. As of 2018 , with a non-fatal assault rate of 19 per 100,000 people, Sunnyside and Woodside's rate of violent crimes per capita
5043-544: The FCIC Republican minority dissenting report also concluded that U.S. housing policies were not a robust explanation for a wider global housing bubble. The hypothesis that a primary cause of the crisis was U.S. government housing policy requiring banks to make risky loans has been widely disputed, with Paul Krugman referring to it as "imaginary history". One of the other challenges with blaming government regulations for essentially forcing banks to make risky loans
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5166-533: The Federal Reserve has been widely discussed, the main point of controversy remains the lowering of the Federal funds rate to 1% for more than a year, which, according to Austrian theorists , injected huge amounts of "easy" credit-based money into the financial system and created an unsustainable economic boom. There is an argument that Greenspan's actions in the years 2002–2004 were actually motivated by
5289-416: The Federal Reserve. Further, American International Group (AIG) had insured mortgage-backed and other securities but was not required to maintain sufficient reserves to pay its obligations when debtors defaulted on these securities. AIG was contractually required to post additional collateral with many creditors and counter-parties, touching off controversy when over $ 100 billion of U.S. taxpayer money
5412-634: The G20‑;zone, however, is a good indicator for the world GDP, and it was measured to have suffered a direct quarter on quarter decline during the three quarters from Q3‑2008 until Q1‑2009, which more accurately mark when the recession took place at the global level. According to the U.S. National Bureau of Economic Research (the official arbiter of U.S. recessions) the recession began in December 2007 and ended in June 2009, and thus extended over eighteen months. The years leading up to
5535-611: The Hispanic and Black populations each were under 5,000 residents. North of the Queensboro Bridge in northern Long Island City had between 10,000 and 19,999 Hispanic residents while the White, Black, and Asian populations were each between 5,000 and 9,999 residents. According to a New York Times article from October 18, 2021, the Asian population of Long Island City has grown fivefold since 2010 nearing 11,000 residents making up 34% of
5658-627: The Hunters Point Historic District and Queensboro Bridge, the 45th Road – Court House Square Station (Dual System IRT) , Long Island City Courthouse Complex , and United States Post Office are listed on the National Register of Historic Places . New York City designated landmarks include the Pepsi-Cola sign along the East River; the Fire Engine Company 258, Hook and Ladder Company 115 firehouse;
5781-663: The Long Island City Courthouse; the New York Architectural Terra-Cotta Company building; and the Chase Manhattan Bank Building . Based on data from the 2010 United States Census , the population of the combined Queensbridge-Ravenswood-Long Island City neighborhood was 20,030, a decrease of 1,074 (5.1%) from the 21,104 counted in 2000 . Covering an area of 540.94 acres (218.91 ha),
5904-753: The Summit on Financial Markets and the World Economy," dated November 15, 2008, leaders of the Group of 20 cited the following causes: During a period of strong global growth, growing capital flows, and prolonged stability earlier this decade, market participants sought higher yields without an adequate appreciation of the risks and failed to exercise proper due diligence. At the same time, weak underwriting standards, unsound risk management practices, increasingly complex and opaque financial products, and consequent excessive leverage combined to create vulnerabilities in
6027-552: The US, from $ 106,591 to $ 68,839 between 2005 and 2011. The US Financial Crisis Inquiry Commission , composed of six Democratic and four Republican appointees, reported its majority findings in January 2011. It concluded that "the crisis was avoidable and was caused by: There were two Republican dissenting FCIC reports. One of them, signed by three Republican appointees, concluded that there were multiple causes. In his separate dissent to
6150-483: The United States, and 21% in Denmark. Household defaults, underwater mortgages (where the loan balance exceeds the house value), foreclosures, and fire sales are now endemic to a number of economies. Household deleveraging by paying off debts or defaulting on them has begun in some countries. It has been most pronounced in the United States, where about two-thirds of the debt reduction reflects defaults." The onset of
6273-608: The United States, owned by Wonton Foods and producing four million fortune cookies a day. Lucky numbers included on fortunes in the company's cookies led to 110 people across the United States winning $ 100,000 each in a May 2005 drawing for Powerball . The Brooks Brothers tie manufacturing factory, which employs 122 people and produces more than 1.5 million ties per year, has operated in Long Island City since 1999. Other companies headquartered in Long Island City include independent film studio Troma and Standard Motor Products . In spring 2010, JetBlue Airways announced it
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#17327753396506396-513: The academic definition, the recession ended in the United States in June or July 2009. Journalist Robert Kuttner has argued that 'The Great Recession' is a misnomer. According to Kuttner, "recessions are mild dips in the business cycle that are either self-correcting or soon cured by modest fiscal or monetary stimulus. Because of the continuing deflationary trap, it would be more accurate to call this decade's stagnant economy The Lesser Depression or The Great Deflation." The Great Recession met
6519-586: The aldermen were inaugurated on July 18, 1870. In the 1880s, Mayor De Bevoise nearly bankrupted the Long Island City government by embezzlement , of which he was convicted. Many dissatisfied residents of Astoria circulated a petition to ask the New York State Legislature to allow it to secede from Long Island City and reincorporate as the Village of Astoria, as it existed prior to the incorporation of Long Island City, in 1884. The petition
6642-769: The area are the Elmhurst Hospital Center in Elmhurst and the Mount Sinai Hospital of Queens in Astoria . Long Island City is covered by ZIP Code 11101. The United States Post Office operates the Long Island City Station at 46-02 21st Street. Long Island City generally has a slightly higher ratio of college-educated residents than the rest of the city as of 2018 . In Community Board 1, half of residents (50%) have
6765-692: The area's Asian residents and businesses. Long Island City was once home to many factories and bakeries, some of which are finding new uses. The former Silvercup bakery is now home to Silvercup Studios , which has produced notable works such as NBC 's 30 Rock and HBO 's Sex and the City and The Sopranos . The Silvercup sign is visible from the IRT Flushing Line and BMT Astoria Line trains going into and out of Queensboro Plaza ( 7 , <7> , N and W trains). The former Sunshine Bakery
6888-427: The area. Since then, there has been substantial commercial and residential growth in Long Island City, with 41 new residential apartment buildings being built just between 2010 and 2017. A resident of nearby Woodside proposed establishing a Japantown in Long Island City in 2006, though this did not occur. By the mid-2010s, Long Island City was one of New York City's fastest-growing neighborhoods. In addition to
7011-464: The bailout measures started under the Bush administration and continued during his administration as completed and mostly profitable as of December 2014 . As of January 2018 , bailout funds had been fully recovered by the government, when interest on loans is taken into consideration. A total of $ 626B was invested, loaned, or granted due to various bailout measures, while $ 390B had been returned to
7134-528: The bailouts. In 2008, TARP allocated $ 426.4 billion to various major financial institutions. However, the US collected $ 441.7 billion in return from these loans in 2010, recording a profit of $ 15.3 billion. Nonetheless, there was a political shift from the Democratic party. Examples include the rise of the Tea Party and the loss of Democratic majorities in subsequent elections. President Obama declared
7257-699: The bank to supplement its nearby headquarters at Citicorp Center in Manhattan, and partly financed by the sale of more than 30 floors at Citicorp Center – a deal The New York Times described as "unusual". Because of its proximity to LaGuardia Airport , the plans for the tower were reviewed by the Federal Aviation Administration . The project was approved by the New York City Planning Commission in 1986, and construction began by 1987. Turner Construction
7380-588: The base. Others have been completed since then and more are being planned or under construction. Long Island City contains several of the tallest buildings in Queens . The 658-foot (201 m) One Court Square , formerly the Citicorp Building, was built in 1990 in Courthouse Square ; it is currently the fourth tallest building in Queens and the fifth-tallest on Long Island, and was Queens' tallest building until 2019. The tallest building in
7503-459: The borough and second tallest on Long Island, the 811-foot (247 m) Orchard residential tower, was architecturally topped-out in July 2024. Yet another skyscraper, the 755-foot (230 m) tower named Sven , completed construction at Queens Plaza and became the third tallest building in the borough. The Queensbridge Houses , a public-housing complex, comprises over 3,000 units, making it
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#17327753396507626-720: The bridge are the Queensbridge Houses , a development of the New York City Housing Authority and the largest public housing complex in the Western Hemisphere . Long Island City is part of Queens Community District 1 to the north and Queens Community District 2 to the south. It is patrolled by the New York City Police Department 's 108th Precinct. Politically, Long Island City is represented by
7749-685: The building in 2005 to Reckson Associates Realty Corporation for $ 470 million, while maintaining a 15-year lease. A second building, Two Court Square, was constructed for Citigroup on an adjacent lot in 2007, though plans for a third building were scrapped and a commercial district that the city envisioned would coalesce around the new construction did not materialize, in part due to the Great Recession . In 2012, Brooklyn real estate investors Joel Schreiber and David Werner purchased One Court Square for $ 481 million from Stephen L. Green 's SL Green and JPMorgan Asset Management . In 2014, it
7872-424: The building noted that because of its isolation, "we perceive this tower with greater intensity than almost any other skyscraper in the city." The reception in the neighborhood was mixed: many residents feared it would spur overcrowding and rent increases, while businesses were pleased with the prospects for further economic development in the neighborhood. Five years later, the area was little changed. Citigroup sold
7995-733: The building was surpassed by the Brooklyn Point Tower and the Skyline Tower , becoming the third tallest building on Long Island and the second tallest building in Queens . Later, in 2021, it was also surpassed in Queens by Queens Plaza Park , which rises to 755 feet (230 m). It is distinguished from the Citigroup Center in Manhattan, which is across the street from Citigroup 's former main headquarters at 399 Park Avenue . The buildings are one stop apart on
8118-472: The city average of 14% of residents being smokers. In Community Board 1, 19% of residents are obese , 11% are diabetic , and 29% have high blood pressure —compared to the citywide averages of 24%, 11%, and 28% respectively. In Community Board 2, 20% of residents are obese , 9% are diabetic , and 23% have high blood pressure . In addition, 22% of children in northern Long Island City and 19% of children in southern Long Island City are obese, compared to
8241-533: The citywide average of 20%. Eighty-nine percent of Community Board 1 residents and ninety-two percent of Community Board 2 residents eat some fruits and vegetables every day, which is higher than the city's average of 87%. In 2018, 79% of residents in both areas described their health as "good", "very good", or "excellent", slightly higher than the city's average of 78%. For every supermarket, there are 17 bodegas in southern Long Island City and 10 in northern Long Island City. The nearest large hospitals in
8364-478: The company's history. WNYZ-LD (also known as Voice of NY Radio Korea) broadcasts from the top of the building, as do various low power television stations. Since 2017, the building has housed the headquarters of Altice on its top floors. In 2018 the building was selected to provide up to 25 floors to Amazon as part of one of its three Amazon HQ2 locations. However, the Amazon HQ2 location in New York City
8487-453: The crisis were characterized by an exorbitant rise in asset prices and associated boom in economic demand. Further, the U.S. shadow banking system (i.e., non-depository financial institutions such as investment banks) had grown to rival the depository system yet was not subject to the same regulatory oversight, making it vulnerable to a bank run . US mortgage-backed securities , which had risks that were hard to assess, were marketed around
8610-668: The crisis) and vulnerabilities (i.e., structural weaknesses in the financial system, regulation and supervision) that amplified the shocks. Examples of triggers included: losses on subprime mortgage securities that began in 2007 and a run on the shadow banking system that began in mid-2007, which adversely affected the functioning of money markets. Examples of vulnerabilities in the private sector included: financial institution dependence on unstable sources of short-term funding such as repurchase agreements or Repos; deficiencies in corporate risk management; excessive use of leverage (borrowing to invest); and inappropriate usage of derivatives as
8733-442: The current value of the property). Several sources have noted the failure of the US government to supervise or even require transparency of the financial instruments known as derivatives . Derivatives such as credit default swaps (CDSs) were unregulated or barely regulated. Michael Lewis noted CDSs enabled speculators to stack bets on the same mortgage securities. This is analogous to allowing many persons to buy insurance on
8856-523: The downturn. In advanced economies, during the five years preceding 2007, the ratio of household debt to income rose by an average of 39 percentage points, to 138 percent. In Denmark, Iceland, Ireland, the Netherlands, and Norway, debt peaked at more than 200 percent of household income. A surge in household debt to historic highs also occurred in emerging economies such as Estonia, Hungary, Latvia, and Lithuania. The concurrent boom in both house prices and
8979-619: The economic crisis took most people by surprise. A 2009 paper identifies twelve economists and commentators who, between 2000 and 2006, predicted a recession based on the collapse of the then-booming housing market in the United States: Dean Baker , Wynne Godley , Fred Harrison , Michael Hudson , Eric Janszen , Med Jones Steve Keen , Jakob Brøchner Madsen , Jens Kjaer Sørensen, Kurt Richebächer , Nouriel Roubini , Peter Schiff , and Robert Shiller . By 2007, real estate bubbles were still under way in many parts of
9102-405: The economic headwinds that slowed the recovery: On the political front, widespread anger at banking bailouts and stimulus measures (begun by President George W. Bush and continued or expanded by President Obama ) with few consequences for banking leadership, were a factor in driving the country politically rightward starting in 2010. The Troubled Asset Relief Program (TARP) was the largest of
9225-423: The entire space itself. 4,000 employees were expected to work in the building upon completion. A year later, its tax-assessed value was $ 114 million, making it the most valuable building in the borough. At the time, the tower stood alone in a mainly industrial district; The New York Times described it in 2009 as "marooned amid a sea of low-lying warehouses and auto repair shops", and a contemporary review of
9348-471: The fall of Lehman Brothers on September 15, 2008, a major panic broke out on the inter-bank loan market. There was the equivalent of a bank run on the shadow banking system , resulting in many large and well established investment banks and commercial banks in the United States and Europe suffering huge losses and even facing bankruptcy, resulting in massive public financial assistance (government bailouts). The global recession that followed resulted in
9471-462: The financial system, along with a series of triggering events that began with the bursting of the United States housing bubble in 2005–2012. When housing prices fell and homeowners began to abandon their mortgages, the value of mortgage-backed securities held by investment banks declined in 2007–2008, causing several to collapse or be bailed out in September 2008. This 2007–2008 phase was called
9594-454: The following recovery weaker. Robert Reich claims the amount of debt in the US economy can be traced to economic inequality , assuming that middle-class wages remained stagnant while wealth concentrated at the top, and households "pull equity from their homes and overload on debt to maintain living standards". The IMF reported in April 2012: "Household debt soared in the years leading up to
9717-462: The growing Asian population in NYCHA 's Queensbridge Houses section of Long Island City at 11% are mostly from immigrant working-class backgrounds and largely have limited English skills, which has presented issues when residents are unable to find interpreters to communicate with NYCHA. New York City Council member Julie Won , who represents the neighborhood, has spoken about the need for outreach to
9840-473: The inflow of investment dollars required to fund the U.S. trade deficit was a major cause of the housing bubble and financial crisis: "The trade deficit, less than 1% of GDP in the early 1990s, hit 6% in 2006. That deficit was financed by inflows of foreign savings, in particular from East Asia and the Middle East. Much of that money went into dodgy mortgages to buy overvalued houses, and the financial crisis
9963-541: The kind of financial vulnerability that made the Great Depression possible – and they should have responded by extending regulations and the financial safety net to cover these new institutions. Influential figures should have proclaimed a simple rule: anything that does what a bank does, anything that has to be rescued in crises the way banks are, should be regulated like a bank." He referred to this lack of controls as "malign neglect". During 2008, three of
10086-551: The land in the 1830s and 1840s. Bliss built the first version of what was known for many years as the Blissville Bridge, a drawbridge over Newtown Creek, connecting Greenpoint, Brooklyn and Blissville; it was replaced in the 20th century by the Greenpoint Avenue Bridge , also called the J. J. Byrne Memorial Bridge, located slightly upstream. Blissville existed as a small village until 1870 when it
10209-568: The largest U.S. investment banks either went bankrupt ( Lehman Brothers ) or were sold at fire sale prices to other banks ( Bear Stearns and Merrill Lynch ). The investment banks were not subject to the more stringent regulations applied to depository banks. These failures exacerbated the instability in the global financial system. The remaining two investment banks, Morgan Stanley and Goldman Sachs , potentially facing failure, opted to become commercial banks, thereby subjecting themselves to more stringent regulation but receiving access to credit via
10332-659: The largest such complex in North America. Since 2005, part of the neighborhood has been maintained by the LIC Partnership as part of the Long Island City Business Improvement District. Initially, the business improvement district comprised 84 properties on either side of Queens Plaza. The BID was expanded in 2017 to cover several other major roads in Long Island City. The LIC Partnership requested in 2022 that
10455-590: The main headline is that all sorts of poor countries became kind of rich, making things like TVs and selling us oil. China, India, Abu Dhabi, Saudi Arabia made a lot of money and banked it." Describing the crisis in Europe, Paul Krugman wrote in February 2012 that: "What we're basically looking at, then, is a balance of payments problem, in which capital flooded south after the creation of the euro, leading to overvaluation in southern Europe." Another narrative about
10578-466: The majority and minority opinions of the FCIC, Commissioner Peter J. Wallison of the American Enterprise Institute (AEI) primarily blamed U.S. housing policy, including the actions of Fannie and Freddie , for the crisis. He wrote: "When the bubble began to deflate in mid-2007, the low quality and high risk loans engendered by government policies failed in unprecedented numbers." In its "Declaration of
10701-460: The median life expectancy of 81.2 for all New York City neighborhoods. In both community boards, most inhabitants are middle-aged adults and youth. As of 2017, the median household income was $ 66,382 in Community Board 1 and $ 67,359 in Community Board 2. In 2018, an estimated 18% of Community Board 1 and 20% of Community Board 2 residents lived in poverty, compared to 19% in all of Queens and 20% in all of New York City. The unemployment rate
10824-662: The need to take the U.S. economy out of the early 2000s recession caused by the bursting of the dot-com bubble : although by doing so he did not avert the crisis, but only postponed it. Another narrative focuses on high levels of private debt in the US economy. USA household debt as a percentage of annual disposable personal income was 127% at the end of 2007, versus 77% in 1990. Faced with increasing mortgage payments as their adjustable rate mortgage payments increased, households began to default in record numbers, rendering mortgage-backed securities worthless. High private debt levels also impact growth by making recessions deeper and
10947-412: The neighborhood had a population density of 37.0 inhabitants per acre (23,700/sq mi; 9,100/km ). The racial makeup of the neighborhood was 14.7% (2,946) White , 25.9% (5,183) African American , 0.3% (62) Native American , 15.5% (3,096) Asian , 0.0% (6) Pacific Islander , 1.2% (248) from other races , and 1.9% (385) from two or more races. Hispanic or Latino of any race were 40.5% (8,104) of
11070-452: The neighborhood's population. The new Asian residents are mainly Chinese, Bengalis, Koreans, and Japanese, and the neighborhood had at least 15 Asian-owned businesses in the neighborhood. Unlike the largely working-class Asian immigrant populations in southern Brooklyn and Lower Manhattan, the growing Asian population in Long Island City tends to be second- or third-generation Americans and are largely middle or upper class. Exceptionally however,
11193-544: The obligation and defaulted; U.S. taxpayers paid over $ 100 billion to global financial institutions to honor AIG obligations, generating considerable outrage. A 2008 investigative article in The Washington Post found leading government officials at the time (Federal Reserve Board Chairman Alan Greenspan , Treasury Secretary Robert Rubin , and SEC Chairman Arthur Levitt ) vehemently opposed any regulation of derivatives. In 1998, Brooksley E. Born , head of
11316-487: The origin has been focused on the respective parts played by public monetary policy (notably in the US) and by the practices of private financial institutions. In the U.S., mortgage funding was unusually decentralised, opaque, and competitive, and it is believed that competition between lenders for revenue and market share contributed to declining underwriting standards and risky lending. While Alan Greenspan's role as Chairman of
11439-530: The planet. Though no one knew they were in it at the time, the Great Recession had a significant economic and political impact on the United States. While the recession technically lasted from December 2007 – June 2009 (the nominal GDP trough), many important economic variables did not regain pre-recession (November or Q4 2007) levels until 2011–2016. For example, real GDP fell $ 650 billion (4.3%) and did not recover its $ 15 trillion pre-recession level until Q3 2011. Household net worth, which reflects
11562-471: The popular claim (narrative #4) that subprime borrowers with shoddy credit caused the crisis by buying homes they couldn't afford. This narrative is supported by new research showing that the biggest growth of mortgage debt during the U.S. housing boom came from those with good credit scores in the middle and top of the credit score distribution—and that these borrowers accounted for a disproportionate share of defaults. The Economist wrote in July 2012 that
11685-648: The population. Long Island City is split between Queens Community Board 1 to the north of Queens Plaza and Queens Community Board 2 south of Queens Plaza. The entirety of Queens Community Board 1, which comprises northern Long Island City and Astoria, had 199,969 inhabitants as of NYC Health 's 2018 Community Health Profile, with an average life expectancy of 83.4 years. The entirety of Queens Community Board 2, which comprises southern Long Island City, Sunnyside and Woodside, had 135,972 inhabitants as of NYC Health 's 2018 Community Health Profile, with an average life expectancy of 85.4 years. Both figures are higher than
11808-526: The power to set future requirements. These rose to 42 percent in 1995 and 50 percent in 2000, and by 2008 a 56 percent minimum was established. However, the Financial Crisis Inquiry Commission (FCIC) Democratic majority report concluded that Fannie & Freddie "were not a primary cause" of the crisis and that CRA was not a factor in the crisis. Further, since housing bubbles appeared in multiple countries in Europe as well,
11931-410: The protections we had constructed to prevent financial meltdowns. We had a 21st-century financial system with 19th-century safeguards. The Gramm–Leach–Bliley Act (1999), which reduced the regulation of banks by allowing commercial and investment banks to merge, has also been blamed for the crisis, by Nobel Prize –winning economist Joseph Stiglitz among others. Peter Wallison and Edward Pinto of
12054-402: The recession have been described as a symptom of another, deeper crisis by a number of economists. For example, Ravi Batra argues that growing inequality of financial capitalism produces speculative bubbles that burst and result in depression and major political changes . Feminist economists Ailsa McKay and Margunn Bjørnholt argue that the financial crisis and the response to it revealed
12177-488: The recovery was that both individuals and businesses paid down debts for several years, as opposed to borrowing and spending or investing as had historically been the case. This shift to a private sector surplus drove a sizable government deficit. However, the federal government held spending at about $ 3.5 trillion from fiscal years 2009–2014 (thereby decreasing it as a percent of GDP), a form of austerity . Then-Fed Chair Ben Bernanke explained during November 2012 several of
12300-461: The repo margin ("haircut"), forcing massive deleveraging, and resulting in the banking system being insolvent. The Financial Crisis Inquiry Commission reported in January 2011: In the early part of the 20th century, we erected a series of protections – the Federal Reserve as a lender of last resort , federal deposit insurance, ample regulations – to provide a bulwark against the panics that had regularly plagued America's banking system in
12423-499: The same house. Speculators that bought CDS protection were betting significant mortgage security defaults would occur, while the sellers (such as AIG ) bet they would not. An unlimited amount could be wagered on the same housing-related securities, provided buyers and sellers of the CDS could be found. When massive defaults occurred on underlying mortgage securities, companies like AIG that were selling CDS were unable to perform their side of
12546-518: The stimulus measures such as quantitative easing (pumping money into the system) and holding down central bank wholesale lending interest rate should be withdrawn as soon as economies recover enough to "chart a path to sustainable growth ". The distribution of household incomes in the United States became more unequal during the post-2008 economic recovery . Income inequality in the United States grew from 2005 to 2012 in more than two thirds of metropolitan areas. Median household wealth fell 35% in
12669-663: The stock market meant that household debt relative to assets held broadly stable, which masked households' growing exposure to a sharp fall in asset prices. When house prices declined, ushering in the global financial crisis, many households saw their wealth shrink relative to their debt, and, with less income and more unemployment, found it harder to meet mortgage payments. By the end of 2011, real house prices had fallen from their peak by about 41% in Ireland, 29% in Iceland, 23% in Spain and
12792-490: The system. Policy-makers, regulators and supervisors, in some advanced countries, did not adequately appreciate and address the risks building up in financial markets, keep pace with financial innovation, or take into account the systemic ramifications of domestic regulatory actions. Federal Reserve Chair Ben Bernanke testified in September 2010 before the FCIC regarding the causes of the crisis. He wrote that there were shocks or triggers (i.e., particular events that touched off
12915-498: The top investment banks during an April 2004 meeting with bank leaders. These banks increased their risk-taking shortly thereafter, significantly increasing their purchases and securitization of lower-quality mortgages, thus encouraging additional subprime and Alt-A lending by mortgage companies. This action by its investment bank competitors also resulted in Fannie Mae and Freddie Mac taking on more risk. The financial crisis and
13038-520: The value of both stock markets and housing prices, fell $ 11.5 trillion (17.3%) and did not regain its pre-recession level of $ 66.4 trillion until Q3 2012. The number of persons with jobs (total non-farm payrolls) fell 8.6 million (6.2%) and did not regain the pre-recession level of 138.3 million until May 2014. The unemployment rate peaked at 10.0% in October 2009 and did not return to its pre-recession level of 4.7% until May 2016. A key dynamic slowing
13161-537: The villages of Astoria , Ravenswood , Hunters Point, Dutch Kills, Middletown, Sunnyside , Blissville, and Bowery Bay were incorporated into Long Island City. Dutch Kills was a hamlet , named for its navigable tributary of Newtown Creek, that occupied what today is Queens Plaza . Dutch Kills was an important road hub during the American Revolutionary War , and the site of a British Army garrison from 1776 to 1783. The area supported farms during
13284-453: The word "recession" exist: one sense referring definitively to "a period of reduced economic activity" and ongoing hardship; and the more allegoric interpretation used in economics , which is defined operationally , referring specifically to the contraction phase of a business cycle , with two or more consecutive quarters of GDP contraction (negative GDP growth rate) and typically used to influence abrupt changes in monetary policy. Under
13407-687: The world, especially in the United States , France, the United Kingdom , Spain , the Netherlands, Australia, the United Arab Emirates, New Zealand , Ireland , Poland , South Africa , Greece , Bulgaria , Croatia , Norway , Singapore , South Korea , Sweden , Finland , Argentina , the Baltic states , India , Romania , Ukraine and China . U.S. Federal Reserve Chairman Alan Greenspan said in mid-2005 that "at
13530-454: The world, as they offered higher yields than U.S. government bonds. Many of these securities were backed by subprime mortgages, which collapsed in value when the U.S. housing bubble burst during 2006 and homeowners began to default on their mortgage payments in large numbers starting in 2007. The emergence of subprime loan losses in 2007 began the crisis and exposed other risky loans and over-inflated asset prices. With loan losses mounting and
13653-438: Was 8% in Community Board 1 and 5% in Community Board 2, compared to 8% in Queens and 9% in New York City. Rent burden, or the percentage of residents who have difficulty paying their rent, is 47% in Community Board 1 and 51% in Community Board 2, slightly lower than the citywide and boroughwide rates of 53% and 51% respectively. Based on this calculation, as of 2018 , northern LIC is considered to be gentrifying , while southern LIC
13776-515: Was a period of market decline in economies around the world that occurred from late 2007 to mid-2009. The scale and timing of the recession varied from country to country (see map). At the time, the International Monetary Fund (IMF) concluded that it was the most severe economic and financial meltdown since the Great Depression . The causes of the Great Recession include a combination of vulnerabilities that developed in
13899-662: Was able to accurately predict the advance of this recession, except for minor signals in the sudden rise of forecast probabilities, which were still well under 50%. The recession was not felt equally around the world; whereas most of the world's developed economies , particularly in North America, South America and Europe, fell into a severe, sustained recession, many more recently developing economies suffered far less impact, particularly China , India and Indonesia , whose economies grew substantially during this period. Similarly, Oceania suffered minimal impact , in part due to its proximity to Asian markets. Two interpretations of
14022-490: Was designed by George H. Williams, of Ravenswood . The overall composition was inspired by New York City's coat of arms. The shield is rich in historic allusion, including Native American, Dutch, and English symbols. In 1898, Long Island City became part of New York City. The city surrendered its independence in 1898 to become part of the City of Greater New York . However, Long Island City survives as ZIP Code 11101 and ZIP Code prefix 111 (with its own main post office) and
14145-517: Was formerly a sectional center facility (SCF). The Greater Astoria Historical Society , a nonprofit cultural and historical organization documenting the Long Island City area's history, has operated since 1985. Through the 1930s, three subway tunnels, the Queens-Midtown Tunnel , and the Queensboro Bridge were built to connect the neighborhood to Manhattan. By the 1970s, the factories in Long Island City were being abandoned. In
14268-479: Was incorporated into Long Island City. Historically an industrial neighborhood, it has Triangle 54 , a small park with a monument at 54th Avenue and 48th Street. Hunters Point is located on the south side of Long Island City, along Newtown Creek . The area took the name Hunters Point in 1825, named after British sea captain George Hunter whose family operated the site as a 210-acre farm. It contains
14391-627: Was later canceled. As of 2023, Centene leased 500,000 square feet (46,000 m), and the New York City School Construction Authority was to occupy 350,000 square feet (33,000 m) across 11 floors starting in 2024. For 30 years, the Queens Library operated a branch on the ground floor of the building, paying a nominal rent of $ 1 a year. It left the building when its original lease expired. Long Island City Long Island City ( LIC )
14514-547: Was moving its headquarters from Forest Hills to Long Island City, also incorporating the jobs from its Darien, Connecticut , office. The airline, which operates its largest hub at JFK Airport, also operates from LaGuardia Airport, and made the Brewster Building in Queens Plaza its home. The airline moved there around mid-2012. In November 2018, news media claimed that Amazon.com was in final talks with
14637-456: Was paid out to major global financial institutions on behalf of AIG. While this money was legally owed to the banks by AIG (under agreements made via credit default swaps purchased from AIG by the institutions), a number of Congressmen and media members expressed outrage that taxpayer money was used to bail out banks. Economist Gary Gorton wrote in May 2009 Unlike the historical banking panics of
14760-496: Was purchased by Savanna Realty. In 2020, the Citi logo was removed from the building and replaced with a logo of telecommunications company Altice USA , whose headquarters had been in the building since 2017. Citi's lease expired in the same year. In 2021, Consolidated Edison performed a $ 5 million retrofit of the building's HVAC systems for greater energy efficiency, described as the largest such retrofit of an office building in
14883-660: Was the lead contractor, and Skidmore, Owings and Merrill was the architectural firm. The construction site was occupied by a parking lot at the time, and was previously the site of a hospital. The tower, officially known as One Court Square, opened in 1989 as the tallest building in the borough, surpassing the North Shore Towers in Glen Oaks . It cost $ 250 million. The development benefitted from city subsidies, including tax incentives and concessions on utilities, that aimed to persuade Manhattan firms considering
15006-402: Was the result." In May 2008, NPR explained in their Peabody Award winning program " The Giant Pool of Money " that a vast inflow of savings from developing nations flowed into the mortgage market, driving the U.S. housing bubble. This pool of fixed income savings increased from around $ 35 trillion in 2000 to about $ 70 trillion by 2008. NPR explained this money came from various sources, "[b]ut
15129-412: Was ultimately dropped by the citizens. Long Island City continued to exist as an incorporated city until 1898, when Queens was annexed to New York City. The last mayor of Long Island City was an Irish-American named Patrick Jerome "Battle-Axe" Gleason . The Common Council of Long Island City in 1873 adopted the coat of arms as "emblematical of the varied interest represented by Long Island City." It
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