The Little Neck and Douglaston areas typically have the lowest amount of turnover for theNorth Queensregion due to the low commercial property inventory and long-standing ownership. In 2011, there were only a total of five investment properties sold. Two of those sales were residential development sites which sold for approximately $150 per buildable square foot, two of the properties were retail / mixed-use which sold in the $350 per SF range and the final property was the old 140,000 SF Leviton Industrial Office Complex which was sold for $18,000,000 or $128 per SF.
The massive demand that is chasing the few assets in this area is actually driving prices above the level that fundamentals would dictate in today’s marketplace.
Along with continued low mortgage rates, this supply and demand imbalance should greatly benefit owners who are considering selling their property which should yield a sale premium in their favor for the foreseeable future.