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.
Great Wall Supermarket, on Northern Boulevard and Leavitt Street, will be replaced next year by a glass-clad, 11-story building after the supermarket’s owners decided to not renew the lease, according to city records.
Michael Carfagna, principal and founder of MPC Properties LLC, has been selling real estate in Jackson Heights for the past 16 years. He recently spoke to Real Estate Editor Liam La Guerre about the inventory issue in the neighborhood.
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.
A proposal to turn the historic T Building on Queens Hospital Center’s grounds into 206 units of affordable housing has resumed after several years of missteps and controversy, according to local leaders and a politician.
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.
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.