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.
The areas of College Point and Whitestone had 2 of the most notable sales in all of Queens this year. The largest development site in Queens was sold in Whitestone and the larges mixed-use building in Queens was sold in College Point. The 13 acre vacant land waterfront site located on Sixth Road in Whitestone which has been mired in legal and environmental issues for years finally sold for $11,300,000 to a group led by a local developer. The site will change the area as it has been approved for 52 single family luxury homes and construction is slated to begin in 2013. The waterfront mixed-use building in College Point located at 14-34 110th Street sold for $10,100,000 which consisted of 34 unsold condo units and 25,000 SF of office space with 90 parking spaces.