While new apartments in Queens are getting smaller so developers can maximize profits, the borough still has a treasure trove of spacious gems in older homes that offer prospective owners the best bang for their buck.
The slimming inventory of industrial facilities and high demand has led to a 48 percent bump over the year in average prices for industrial properties in the borough, according to real estate services firm JLL’s third quarter market report.
Michael Carfagna, principal and founder of MPC Properties LLC, has been selling real estate in Jackson Heights for the past 16 years. He recently spoke to Real Estate Editor Liam La Guerre about the inventory issue in the neighborhood.
While the overall average rates of rents in Queens increased for a second consecutive month, prices in Astoria saw a decline in November for various sizes of apartments, according to MNS Real Estate’s monthly Queens Rental Market Report.
The Tennis View Apartments at 4 Dartmouth St., which were built in 1917, according to a representative at National Cooperative Bank (NCB), have deteriorating roofs. The co-op recently borrowed the money from NCB to revitalize the roofs and modernize the elevators.