Tag Archives: Queens real estate

LIC taxi lot sells for $43.5M, 186-unit luxury residential tower coming

| lguerre@queenscourier.com

Photos courtesy Eastern Consolidated

Since the huge development site at 22-12 Jackson Ave. in Long Island City was listed last year by Eastern Consolidated, many have anticipated an equally large sale and a big project to be announced.

That announcement came Monday as Adam America Real Estate closed on the site for $43.5 million and plans to develop a 186-unit luxury residential condo tower on the lot, Eastern Consolidated said. The property was originally asking for $53.5 million back in November.

Adam America plans to raze the property on the site, which has 33,900 square feet and is currently occupied by a taxi company, for the new tower.

Plans have yet to be filed with the Department of Buildings, but the new luxury development is planned to be 11 stories with 210,000 square feet, including 5,000 square feet of ground-floor retail. Architecture firm ODA will be designing the building and Issac & Stern Architects will be the architect of record.

“Adam America will deliver a new luxury condominium tower, which will be extremely well received by the market given its prime, central location and convenient access to multiple subway lines,” said Ronald Solarz, executive managing director at Eastern Consolidated. “Long Island City is one of New York’s most exciting, growth markets with incredible demand for additional residential product.”

The new luxury tower will feature various amenities, including a swimming pool, spa, residents lounge, bike storage, storage, a fitness center, children’s playroom, doorman, courtyard and 15,466 square feet of private parking.

The site is around a rapidly transforming section of Long Island City. Across from 22-12 Jackson Ave. is MoMA PS1 and adjacent to it at 22-22 Jackson Ave., construction on the ODA designed 182-unit, mixed-use apartment building is still ongoing.

Also down the block is the site of the former graffiti mecca 5Pointz, which is also being transformed into a huge 1.2-million-square-foot residential complex.

Nearby is One Court Square, which is reportedly on the market, and Tishman Speyer has announced plans to construct a 1,800-unit residential development on a vacant site in the area as well.

Solarz and Chris Matousek represented both the buyer and the seller, Diamond Service Corporation, in the deal.



Queens homes nearly 10 percent more expensive than in 2014: report

| lguerre@queenscourier.com

Chart courtesy Keller Williams Realty Landmark II

Queens homebuyers are likely to pay much more for new abodes as prices continue to rise.

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 median sales price reached $404,375 in May, which is up 1.2 percent from April.

Condo prices in particular are moving at a scary pace, as they rose roughly 20 percent in a year, the data reveals. Median condo prices were at $408,000 last year in May, but have since risen to $490,000, according to the report.

The increase is prices is a continuing trend caused by the rise in demand for homes while supply of available homes remains relatively low.

The inventory of available homes in Queens is nearly 4,400, which is down 25 percent from the same time last year. At the same time homes are in high demand now because interest rates for mortgages continue to remain under 4 percent. Historically interest rates have been at an average of 8.9 percent.

In a sign of change the inventory level actually rose slightly in May when compared to April, but not enough to impact prices yet.

“As interest rates remain low, it’s likely that demand will remain strong as we move into the summer and peak season for the Queens real estate market,” the report said. “Overall, we’re still experiencing the tight inventory levels, but now that June has hit, we are finally seen more homes hit the market.”


Newly built Rego Park office building put up for sale for nearly $8M

| lguerre@queenscourier.com

Photo courtesy Cushman & Wakefield

A seven-story Rego Park building that was constructed last year has been listed for sale.

The property at 97-17 64th Rd., which replaced a two-story office structure at the site, is being offered for $7,950,000 with Cushman & Wakefield.

The owner, listed publicly as 97-17 Realty LLC, bought the property for $930,000 in 2006, according to city records.

The office building is a few blocks from the Rego Center Mall and within walking distance of Queens Place and Queens Center malls. The 63rd Drive subway station is also nearby.

The building has 12,200 square feet of space, which is very valuable in Rego Park, a neighborhood with established properties and not much vacant land to offer developers to build.

“The quality of this newly built asset, along with its prime location, makes it a rare find in today’s [Rego Park] market,” said Cushman & Wakefield’s Thomas Donovan.

Donovan is marketing the building with Eugene Kim, Tommy Lin and Robert Rappa.


Jamaica site with big development potential sells after bidding war 

| lguerre@queenscourier.com

Photo courtesy Ariel Property Advisors

With $153 million of public funds designated to revitalize every aspect of Jamaica, more and more developers are looking for land in the area, and it’s even getting a little feisty.

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 rise higher than most other sites in the area.

“Based on the impressive amount of interest we received for 143-18 Liberty Avenue, it’s clear that developers are eager to capitalize on the economic initiatives that are underway in the area,” said Daniel Wechsler, vice president at Ariel Property Advisors, which handled the transaction in the budding neighborhood.

The property sold for $1,937,500, according to Ariel, but has yet to hit public records. Floral Park-based Namra Inc. bought the property in 2008 for $1.06 million, city records show.

The roughly 8,530-square-foot site is zoned primarily for residential and offers 25,602 of buildable square feet for a residential development.

That translates to nearly a $76 per buildable square foot sale. Similar properties in Jamaica trade between $32 to $77 per buildable square foot, according to Wechsler, making this site one of the most valuable in the last six months.

Wechsler couldn’t speak to the new owner’s plans for the site, but if they aim to capitalize on their investment through building out the maximum allowed on the site that means a huge residential building could be coming to the lot at the intersection of Liberty Avenue and Pinegrove Street near the Van Wyck Expressway. Construction plans have yet to be filed with the Department of Buildings.

Wechsler, Michael A. Tortorici and Jesse Deutch represented the seller.


Women’s clothing rental service and Manhattan data firm sign leases in LIC building

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THE COURIER/Photo by Liam La Guerre

The Factory, a massive, 10-story, block-long building in Long Island City, added two new tenants for a combined 16,269 square feet of space, following a $20 million modernization and revitalization.

Leases have been signed with Gwynnie Bee, an online clothing rental subscription service for women sizes 10 to 32, and market research and data analysis firm Applied Research & Consulting (ARC). Gwynnie Bee took a bigger chunk of the building: a 12,702-square-foot space on the fifth floor, which features 12-foot-high ceilings and views of the Manhattan skyline.

Built in the 1920s, The Factory was once used as a warehouse for Macy’s. Its recent makeover included upgrades to its broadband connectivity, earning it a WiredScore Silver Certification. It’s now a more attractive option for companies looking for flexible office space in an area with accessible transportation without Manhattan rents.

“The Factory attracts new tenants looking for an environment similar to Midtown South and Chelsea, at a fraction of the cost,” said Brian Waterman of Newmark Grubb Knight Frank, which handled the transaction for owner Atlas Capital. “The open floor plans, complemented by high ceilings, provide a unique and inviting setting that helps tenants be productive at The Factory.”

ARC is moving to Long Island City from West 13th Street in Manhattan, proving that the new  office spaces in the old industrial building is popular with businesses across the East River. ARC now has a 3,567-square-foot space on the fourth floor. The space features windows that let in an abundance of light as well as flexible open space.

“We really like the overall design aesthetic of The Factory, with its emphasis on large, open spaces and its updated, industrial style,” said Chris Bumcrot, a partner at ARC. “We’re also excited about moving to a part of New York City that’s evolving quickly as a business neighborhood.”

Waterman, Howard Kesseler, Jordan Gosin and Brett Bedevian, represented Atlas Capital in the deal.


Award-winning LIC office building for sale, could see conversion

| lguerre@queenscourier.com

Photo courtesy Scott Bintner/PropertyShark

A three-story office building in Long Island City that has won awards for its design has been listed for sale and could be converted for other uses with a new owner.

The nearly 8,000-square-foot commercial building at 10-09 49th Ave., which is shaped like an “L,” was listed 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.

Because of its ground-floor parking, which is a challenge to find in Long Island City today, the building will be valuable to owners, because they should be able to charge tenants higher rents.

The average office rent in Long Island City is about $31 per square foot, according to Daniel Wechsler, vice president at Ariel Property Advisors.

But “given the parking and given the location I think you can achieve $45 per square foot,” he said about the building, which is off of the popular Vernon Boulevard.

The building was built specifically for a security company in 2000. Its designer, Scarano Architect, was awarded the NY Council Society of American Registered Architects Merit Award in 2001 and the American Institute of Architects Brooklyn Award of Excellence in 2003 for the design.

The building could also be valuable to investors because it can be converted to a mixed-use structure, subsequently increasing returns. The lease for the current tenant that occupies the second and third floors of the structure will expire in January next year, allowing a possible conversion of the first-floor garage into a retail use.

Asking rents for ground-floor retail near Vernon Boulevard are around $100 per square foot, Wechsler said, which is higher than many markets around the borough. Since the building is off Vernon Boulevard, future owners could see rents near that range if the conversion is made.

“10-09 49th Avenue is a great opportunity for owners or for investors looking to unlock tremendous value by repositioning the ground-floor parking into retail use,” Wechsler said. “With the property strategically located just off the northeast corner of Vernon Boulevard, buyers can quickly capitalize on surging demand for quality retail in the area.”

Wechsler, Michael Tortorici, Victor Sozio and Shimon Shkury are marketing the building for the seller.


Blacks and Hispanics in Queens struggling to become homeowners: report

| lguerre@queenscourier.com

THE COURIER/Photo by Liam La Guerre. Charts courtesy StreetEasy.

Queens is the most diverse county in the country — not including some Alaskan Islands with tiny populations.

The borough is so proud of this fact that politicians usually begin speeches with it, businesses highlight it in pitches and everyday residents rave about the various ethnic foods that could be found around the “World’s Borough.”

But 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. Only 8.8 percent of conventional mortgage applicants in Queens are from Hispanic residents, while blacks account for just 4.6 percent.

“Queens is one of the more diverse populations in the city. You can see that in the racial composition,” said Alan Lightfeldt, StreetEasy data scientist. “But it’s interesting to see the mortgage applications, because it really falls off. I think that really highlights the disparity of access to the process especially in the first phase.”


StreetEasy crunched the numbers for homeownership, mortgage application rates, and denial rates for blacks, Hispanics, Asians and whites in the five boroughs in 2013 through the Home Mortgage Disclosure Act and the American Community Survey.

When it comes to denial rates of conventional loans from Queens residents, blacks and Hispanics lead the way again. Under 5 percent of mortgage applications in the borough were from blacks,  and 31.6 percent of those loan applications were denied. And 29.5 percent of conventional home loan applications from Hispanics were denied.

Interesting to note, Asians have the most mortgage applications for conventional loans in Queens with 41.6 percent, and a denial rating of just 19.6 percent. Lightfeldt said while the data doesn’t show if blacks and Hispanics are being discriminated against, the fact that Asians are able to get loans reflects that banks aren’t focused on minority status but are being strict with qualifications. This may be especially true, because financial institutions are wary of creating another housing bubble.

“I think that is another point to make why this isn’t an outright discrimination,” Lightfeldt said. “Your ability to pay back a loan and credit is what banks point to and because blacks and Hispanics struggle in that area it becomes very difficult for them to become homeowners.”

However, because they have low credit or low income rates, blacks and Hispanics in Queens are taking advantage of Federal Housing Administration loans more than the other races, especially blacks with a leading 36.3 percent of the borough’s FHA loan applications.

Also, although it’s hard for blacks to get conventional mortgages today, a large number of blacks in Queens still do own homes, mostly in the southeast region of the borough. In fact, 47.4 percent of blacks in Queens own a home, which is higher than the city (26.5) and national averages (41.9).


Imagine a Ridgewood waterfront hotel at Newtown Creek

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Map via Google

Today Newtown Creek stands as one of the “nation’s most polluted waterways,” according to the U.S. Environmental Protection Agency (EPA), as a result of industrial contamination from nearby factories and raw sewage dumping that dates back to the 1800s.

But listed as a Superfund site since 2010 and with an ongoing remedial process, brokers at Greiner-Maltz Investment Properties are 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.

The site sits at the edge of Ridgewood near the border of East Williamsburg and Maspeth to the north. It begins where Metropolitan and Onderdonk avenues intersect, and is surrounded by various factories in the neighborhood.

An existing 4,225-square-foot building with the address 46-00 Metropolitan Ave. is on the site, which is being used as an auto junk yard. The property has up to 40,720 square feet of buildable space zoned for manufacturing, but an investor could redevelop it into a hotel — with views of the now-mucky creek — brokers said.

“We’re getting a lot of interest. Some investors feel that this area is going to change,” said John Orgera, director of sales for Greiner-Maltz. “There are talks about the cleanup of Newtown Creek. There is bike lane proposed for that area. So people are optimistic.”

Orgera and John Gonsalves are marketing the property, which they said could also be used for a retail space or mixed-use office. The asking price is $7,250,000.

The closest train station from the site is the Jefferson Street L stop, which is a 10-minute walk. Nearby the site is a popular restaurant, Bun-Ker Vietnamese, and a few blocks further is the Knockdown Center event hall in Maspeth. Continue on Metropolitan Avenue past Flushing Avenue and the street becomes a commercial strip with restaurants and stores.

An environmental study will have to be performed in the event that a developer intends to build on the marketed site, and the property may need a cleanup of its own if serious contaminants are found, but investors could lose out big if they don’t act, the brokers said. The remedial investigation of the Newtown Creek started in its second phase last year, according to the EPA.

“Once it’s cleaned up it’s only going to get more expensive,” Gonsalves said. “There isn’t any more land. What may be expensive today could be a steal in five years.”



Final steel beam installed for U.S. Open retractable roof atop Arthur Ashe Stadium

| lguerre@queenscourier.com

THE COURIER/Photos by Liam La Guerre

The final steel beam for the Arthur Ashe Stadium retractable roof at the Billie Jean King National Tennis Center was installed on Wednesday in a topping ceremony, culminating more than a decade of studies and planning to cover the U.S. Open’s main court.

The retractable roof is the centerpiece of a more than $500 million project to expand the tennis center, which includes two new stadiums and an expanded south campus. The roof, designed by Rossetti and built by Hunt Construction Group, is the first in the country to be constructed over an existing stadium, officials said.

“If you’re flying into LaGuardia, if you’re riding by on the Grand Central [Parkway], it’s looming, it’s huge, and it is the major piece, but we are doing much, much more,” said Gordon Smith, COO of the United States Tennis Association. “We are completely reimagining the tennis center. We want nothing less than the vision of this facility being the finest tennis venue in the world and the preeminent sports facility in New York City.”

In total, 5,000 tons of steel were used for the roof, which is held up by eight large columns around the 24,000-seat stadium. Because the roof doesn’t sit directly on the stadium, Arthur Ashe will still feel like an outdoor court when it is opened, and at the promenade level fans will still be able to see the Manhattan skyline, according to officials.

During inclement weather, the retractable roof will be able to close in five to seven minutes. The covering for the roof is expected to be installed after this year’s U.S. Open, and the structure will be functional for the 2016 U.S. Open.

In the coming weeks, the giant cranes that were used to build the roof’s frame will be removed and preparation for the 2015 U.S. Open will begin.

Also, four new LED scoreboards will be installed in the stadium and a fabric covering will be placed over part of the stadium to block “strange” shadows from the roof’s steel skeleton.

The USTA completed the first phase of its expansion plan last year, which included new courts 4, 5 and 6, and two-story viewing bleachers that created a three-court stadium viewing experience for fans. The elevated seating area holds more than 1,300 fans, and Court 5 became the U.S. Open’s seventh television court.

The USTA also recently started construction on its new Grandstand Stadium at the south portion of the campus, which will have 8,000 seats, and replace the current 6,000-seat court of the same name that is connected to the Louis Armstrong Stadium. That new Grandstand Stadium will debut in time for the 2016 U.S. Open along with expanded walkways in the south area of the tennis center.

The smaller courts on the south portion of the campus will also be rebuilt next year.

Following the 2016 U.S. Open, the USTA will tear down and starting building a new 14,000-seat Louis Armstrong Stadium. That stadium is currently planned to have a roof as well and is expected to be ready for the 2018 U.S. Open.


See it: Buyer scoops up modernized Forest Hills Gardens fieldstone Tudor for $2.6M

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Photos courtesy of Terrace Sotheby’s International Realty

After spending nearly a year on the market, the Forest Hills Gardens Tudor at 30 Markwood Rd. finally found a buyer— albeit at a reduced price.

Given that the home is nearing its century mark, a recent renovation probably helped the sale by modernizing its interior and updating the historic fieldstone and brick Tudor features. The buyer purchased the home for $2.6 million, down from an asking price of $2.95 million, according to Terrace Sotheby’s International Realty.

Guests entering the house are greeted by a high ceiling entrance hall and a spiral staircase. Bay windows allow sunlight to soak the living room, which is accompanied by a hand-carved stone fireplace, while French doors lead to a spacious dining room.

The sheer size of the home may have actually attracted the homebuyer. This single-family detached residence was made for large families, as the second floor consists of five bedrooms, including a master bedroom with a towering ceiling, a huge closet and en-suite bathroom, one of five baths in the home.

With 3,787 square feet of living space, the home sits on a lot of about 7,210 square feet, providing lawn space for children. However, the third floor in the home might actually have been the true selling point for this home.

It features a loft-like entertainment space with newly renovated vaulted ceilings. The space gives the new homeowners access to the roof where they could take in the view of the neighborhood, or as the listing suggested, conduct star gazing.


See it: Jumbo Jamaica Estates home listed for $2.95M

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Photos courtesy Michael Miguel and MLSLI

In a neighborhood where teardowns and McMansions are popular, it’s not uncommon to find a jumbo home just after venturing north of Hillside Avenue into Jamaica Estates.

But it’s a little more difficult to find some of those blown-up houses, which are stuffed onto hilly lots, with a comfortably sized outdoor space.

The residence at 181-02 Dalny Rd. offers a sizable, tropical-themed backyard featuring an elevated gazebo that is somewhat symbolic of Jamaica Estates’ contrast from usual New York City housing, while the neighborhood is still within the five boroughs. The backyard features a paved patio and garden with a variety of plants.

A few blocks away from the final Queens F train stop at 179th Street and Hillside Avenue, the 6,750-square-foot home was constructed pre-recession in 2006 on a lot of more than 9,000 square feet replacing an older home.

The luxury giant home was listed recently with Michael Miguel at Keller Williams Landmark Realty toward the top of the neighborhood’s market at $2,957,000, and comes with all the amenities one would expect at that price.

There are nine bedrooms and seven and a half bathrooms throughout four levels, which includes an attic with a skylight. Custom finishes, bamboo flooring and marble inlays are found throughout the residence, and the master suit has a Jacuzzi.


Queens Village rallies against plan to open juvenile jail in former school

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THE COURIER/Photos by Liam La Guerre

Nearly two dozen Queens Village residents and local leaders came together Wednesday to rally against the Administration for Children’s Services’ (ACS) plan to put a facility for juvenile offenders in a former school.

Through the Close to Home initiative, which was signed into law in 2012, ACS is seeking to convert the building at 207-01 Jamaica Ave. into a “limited secure placement facility” for about 18 youngsters from New York City who committed crimes before turning 16. The building once housed the Merrick Academy, a public charter school.

Normally, these offenders would be held in institutions upstate, but the law seeks to bring the children closer to family members and lawyers in the city, while giving them education and counselling services.

However, the protesters argued that the community has not received enough information about the plan and they fear with just limited security the delinquent offenders could escape and cause harm to the surrounding community, which has a school and single-family detached homes.

“By approving a correctional center in a residential neighborhood, it will increase the devaluation of our homes, crime and the stigmatization that has historically reduced the quality of life in southeast Queens,” said community activist Mohamed Hack. “While I support the mission of the ‘Close to Home’ initiative, I understand that there are more fitting locations for ACS to use to meet their goals.”

An ACS spokesman said a public hearing was held in Queens two years ago about the facility. Also, agency officials met with Community Board 13 on May 11.

To protect the community, security at the facility would include a secured driveway for vehicles transporting youngsters, locked doors and windows, and a control room with security cameras and television monitoring by employees 24 hours, seven days a week.

Nevertheless, protesters are still hoping to get ACS to reconsider putting the facility in the building, and once again using it as a school.

“When our schools are overcrowded and underfunded, instead of placing a juvenile detention center in a building that was intended to be a school, let us support projects that protect the safety and quality of life in our communities while at the same time foster economic growth and community development,” said Celia Dosamantes, who is mulling a run for Councilman Mark Weprin’s seat when he leaves office.

Another rally is set for Saturday at noon in front of the building.

Rally 2

The building at 207-01 Jamaica Ave.


Rooftop beekeeping, skyline views: Peek inside Hunters Point South affordable units

| lguerre@queenscourier.com

THE COURIER/Photos by Liam La Guerre

When the lottery opened last year for apartments in the Hunters Point South Living developments, a two-building complex with 925 affordable housing apartments on the waterfront of Long Island City, it was a madhouse.

More than 93,000 people applied to get an apartment in the buildings, which promised astonishingly low rents in the 32-story Hunters Point South Crossing and 37-story Hunters Point South Commons.

It was a fight to get a unit, but some lucky chosen residents were first to move into the smaller building on May 15, and when more come this summer they’ll find luxury amenities and views of the Manhattan skyline at rates hard to beat throughout the city.

The buildings also feature a variety of common spaces, including a 2,300-square-foot rooftop farm on the 13th floor terrace of the 37-floor building, which has a beehive with 13,000 honeybees.

The rooftop farm contains a 13-bed garden that grows a wide variety of vegetables, fruits, beans and herbs, such as tomatoes, eggplant, carrots, basil, blueberries, red peppers and strawberries, which residents will be able to eat.

Related Companies partnered with experts at GrowNYC to start the garden and instruct residents for three years. Residents can expect garden harvest days, beekeeping instruction, cooking demonstrations and planting workshops throughout the year from the experts.

“The honeybees, the garden and the partnership with GrowNYC as a whole are the essence of our vision for Hunters Point South,” said Frank Monterisi, senior vice president of Related Companies, which is co-developing the project with Phipps Houses and Monadnock Development. “We wanted to create a welcoming, friendly living environment that will not only improve residents’ quality of life, but their health and have a positive environmental impact as well.”

Other amenities in the complex include a waterfront park across the street, fitness club, Internet café, party rooms, a children’s playroom and rooftop decks with barbecuing pits.

There are a mix of studios and one-, two- and three-bedroom apartments in the Hunter’s Point South complex. Each unit comes with a dishwasher, and two- and three-bedrooms have washers and dryers.

Rental rates in the building are based on area median income, and there are many units available to people earning less than $30,000 a year.

Monthly rents start at $494 for a studio to $743 for a three-bedroom for low-income earners that make about $19,000 to approximately $49,000 annually. Rents for middle- and moderate-income units range from $1,561 to $4,346 per month for household incomes of $55,200 to $224,020 annually.


Deals in Astoria for homebuyers

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Photo courtesy StreetEasy, Bouklis Group and MLSLI

Demand for homes in Astoria is high as more buyers are pushed away from skyrocketing prices in nearby Long Island City, and attracted by easy access to transportation, established commercial strips, and diverse restaurants and entertainment venues.

Residents can enjoy Astoria Park’s waterfront view, visit the Museum of the Moving Image or grab a drink at the Bohemian Hall and Beer Garden, to name a few popular activities.

But the surging demand to live in Astoria has caused land values to spike there as well, resulting in rising rents and home prices.

However, prospective Astoria renters and homebuyers need not fear; the neighborhood still has some deals to be found. Recently, Astoria was named one of the top areas for recent college graduates looking to rent in the city, according to a report by real estate website StreetEasy.

StreetEasy has also put together a list of deals to beat the heated Astoria market, and indicated that there are more below market price homes waiting to be purchased.

22-60 79th St. #3B

Price: $295,000
Size: One bedroom, one bathroom
Type: Condo
Broker: Laura Copersino, Douglas Elliman

What StreetEasy said: “Astoria is known for its bucolic complexes of small apartment buildings and gardens. This one-bedroom is in one of these complexes and offers lots of closet space, a renovated kitchen and a washer-dryer.”

21-37 33rd St. #05H

Price: $475,000
Size: Three bedrooms, one bathroom
Type: Co-op
Broker: Frank Bouklis, Bouklis Group

What StreetEasy said: “Proximity to transportation is everything in Astoria. This three-bedroom is three blocks from the Ditmars N/Q stop in one of Astoria’s most residential and family-oriented pockets. Plus it’s got a new kitchen and bath.”

30-10 48th St.

Price: $849,000
Size: Five bedrooms, two bathrooms
Type: Townhouse
Broker: Nancy Suric, Laffey Fine Homes

What StreetEasy said: “The townhouse market in other parts of the city is very tiny and very pricey, but single-family homes dominate the housing stock in Astoria. This one just got a gut renovation and has its own garage.”




Mixed-use Bayside buildings sell for record value due to rising demand

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Photo courtesy of Cushman & Wakefield  

Filled with bars, shops and a wide variety of restaurants, Bell Boulevard is the main commercial strip in Bayside.

The thoroughfare is serviced by buses and the Bayside LIRR station on the boulevard, which brings high foot traffic to the area.

For these reasons, and partly because of a spillover from nearby Flushing due to lack of inventory, rising demand for real estate on the Bayside commercial strip is leading to sale prices well above past averages.

In fact, the two attached mixed-use buildings at 39-32 and 39-34 Bell Blvd. recently sold for $3.8 million, which equates to about $731 per square foot and is a record for a residential and commercial mixed-use building sold in Bayside, according to broker Cushman & Wakefield.

“The package provides great upside for the investor in an area that is continuing to see an abundance of attention in the real estate world,” said Cushman & Wakefield’s Stephen Preuss, who handled the transaction for the seller.

In 2012, commercial real estate was selling for an average of $550 per square foot on Bell Boulevard and as much as $600 for top properties. Last year, the average rose to $615 per square foot, according to Preuss.

The two buildings at 39-32 and 39-34 Bell Blvd. have 5,200 square feet of space, in which there are four residential units and two ground-floor retail spaces.

As a side note, one of the retail tenants, Il Vesuvio Pizzeria, is moving a few doors down to the location of the former Okinawa restaurant and expanding to include a bar, restaurant and pizzeria.

Il Vesuvio is also changing its name to Il Borgo and is expected to open in the coming weeks.