The huge development site at 22-12 Jackson Avenue in Long Island City, which is currently occupied by a taxi company, has sold for $43.5 million and the new owner plans to build a luxury condo building on the site.
The median price of a home in Queens is 9.3 percent higher this May when compared to May of 2014, according to a report by Keller Williams Realty Landmark II based on data from the Long Island Board of Realtors.
The department store took a 10,000 square feet space out of 5-25 46th Ave. in LIC, a three-story building owned by plastic packaging company Plaxall, The Real Deal reported. The building is also home to the popular LIC Flea & Food.
The site at 143-18 Liberty Ave., which previously was an auto-dealer, sold after just four months on the market, but not before a bidding war between two buyers that ultimately lead the price of the lot to to rise higher than most other sites in the area.
The nearly 8,000-square-foot commercial building at 10-09 49th Ave. was listed for sale with Ariel Property Advisors for $4.4 million. The first floor has a garage that can fit about eight cars and the upper levels have 5,700 square feet of office space.
With more than 22,500 new residential units planned or being constructed already in Long Island City, many questions about infrastructure are up in the air. The problem of schools in particular poses a great concern as current residents want to make sure that the institutions aren’t overloaded with children when the new residents move in.
Over the past couple of years Flushing has been experiencing a rapidly increasing development market. But although we have been seeing record pricing in 2015 as previously discussed, recently we have seen a lag in available land for development while demand is still rising.
As diverse as it is, when it comes to homeownership, the borough looks similar to the rest of the city and country, as blacks and Hispanics struggle with the process of getting a conventional mortgage, according to a new study by real estate website StreetEasy.
Greiner-Maltz Investment Properties is marketing a site across from a section of the infamously contaminated body of water that could be in high demand after the grimy, toxic 3.8 mile creek is cleaned up.