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.
Jackson Heights / Corona / East Elmhurst
The sections of Corona and Jackson Heights continued in the fashion they are accustomed to in that Jackson Heights had a number of multi-family transactions and Corona saw many mixed-use sales both with a few retail transactions sprinkled in. Jackson Heights had 8 walk-up apartment building sales hovering around the $200 per SF range and East Elmhurst had 2 walk-up sales with a noteworthy $9,600,000 transaction for the buildings located at 32-40 & 32-50 93rd Street which equated to $137,000 per unit. Corona had 12 mixed-use building sales 7 of which were along the Northern Boulevard corridor with a wide band of value from $146 per SF up to over $300 per SF depending on block and tenancy. There were also 4 retail sales spread throughout this region led by the one-story retail building at 97-02 Roosevelt Avenue which sold for $4,534,000.