“Jamaica, once an overlooked and crime-ridden area in Southeast Queens, has been undergoing a transformation into a vibrant neighborhood, with a slew of new upscale apartment buildings, hotels and stores.”
Prices are cooling off in the hot Long Island City rental market as values for studios, one and two-bedroom apartments have dropped considerably since May, according to the September Queens Rental Market Report by MNS Real Estate.
“The 1700-apartment project was approved by the City Planning Commission last week and now goes to the Council, which is likely to demand changes before approving it. So far, the developer, Alma Realty, has promised that 20% of the units will be affordable.”
Real estate firm Modern Spaces, which Eric Benaim launched in Long Island City in 2008, announced Monday that it is opening its sixth location in six years and its second in Astoria in October, hoping to hit a home run with the area as it did with its original neighborhood.