The year of 2012 was an overall positive environment for the commercial sales marketplace. Activity, pricing, sales volume, lending and just about any other relevant metric increased from the year before and greatly increased from the previous several years. The driving forces of the overall demand was the steady lack of available product throughout the year and the impending capital gains increase which pushed the sales activity to a sprint in the last few months of the year. Northern Queens saw a total of 123 commercial and investment property sales for a total dollar value of $288,000,000. These figures represent an approximate 25% increase from 2011 in both categories.
Bayside / Little Neck / Douglaston
The Northeastern region of Bayside, Little Neck and Douglaston which is typically dominated by the single-family home continued to lag in volume in comparison to the rest of the Northern part of Queens with a total of 13 sales the majority of which was in the retail arena. There were a total of 5 retail sales which sold for an average price per square foot of $412 led by the sale of 253-01 Union Turnpike for $5,100,000. One of the larger office building sales in Queens was for 218-10 Northern Boulevard in Bayside which traded for $10,250,000 and an astonishing $512 per square foot.