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.
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.
Mohammed Islam, a Queens teen who was profiled in New York Magazine for making millions trading stocks during his lunch hour, admitted that the story is false and his trades were simulated, according to a published report.
Fall marks a time when everyone enjoys the changes in the surrounding foliage— everyone except homeowners with pending apartment vacancies. For them, fall and winter is a time when rental inventory builds and rental prospects thin out.
New rental apartments in the borough tend to be smaller studios and one-bedrooms as opposed to larger two- and three-bedroom apartments, according to a report released Thursday by Douglas Elliman Real Estate.
With more than 20 new hotels opened over the last five years, the area has become a hot hotel market, and owner Steven Baharestani of Dutch Kills Partners LLC is hoping to sell the yet-to-be completed hotel to the highest bidder.
Salvatore Crifasi, who started Crifasi Real Estate 35 years ago, has been a licensed New York Real Estate Broker since 1974. Crifasi recently talked with Real Estate Editor Liam La Guerre about the buzz in Ridgewood.