Tag Archives: Queens real estate

10-unit Briarwood building on sale for $2.85 million


| lguerre@queenscourier.com

Photo courtesy of Christopher Bride/PropertyShark

A four-story Briarwood building with 10 apartments at 141-27 84th Dr. has just hit the market, according to GFI Realty Services.

The building features numerous amenities, including hardwood floors, spacious kitchens and storage space. It also has a laundry room.

Owner AKT Properties bought the land in 2007 for just $850,000, city records show. They demolished the detached family house on the site soon after and then filed plans to construct the current building in 2010.

The walk-up apartment building is listing at just $2.85 million. Brokers believe it will be great for investors looking to enter the Queens market because of tax breaks it gets.

“141-27 84th Dr. has a tax abatement, which will limit expenses for over a decade and increase the property’s profitability,” said GFI Realty Associate Director Dan Suissa.

 

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Expansion of Bayside church underway


| lguerre@queenscourier.com

THE COURIER/Photos by Liam La Guerre

Construction to expand the Siloam Reformed Church of New York in Bayside is underway and officials expect the work will be completed this year.

The church, which is located at 35-25 Bell Blvd., is building a new wing on its current building to include a cafeteria and gym area, according to filings with the Buildings Department.

The three-story building will expand from about 8,000 square feet to a total of nearly 14,000 square feet with the Victor Han Architects-designed addition.

Siloam Reformed bought the land in 2012 for $1.8 million from the Elim Presbyterian Church of New York, according to city records.

A construction poster on the site says that the building is expected to be completed this summer.


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Four signs it may be time for seniors to make a move


| helen.keit@kw.com

Photo courtesy of Multiple Listing Service

We often praise our homes in song or verse —“ Home Sweet Home,” “ There’s No Place Like Home,” “Home is Where the Heart Is.” There is nothing like the good times, family events and milestones shared in your home.

There may come a time, however, when owning your home or living in the same home you’ve lived in for the past 30 years or more may not be the best situation for you or your family member’s circumstances.  Four indicators it may be time to consider a move are hazards, maintenance issues, finances and loneliness.

Hazards: The family home where the children grew up can at this point present many unsafe conditions — larger spaces and several flights of stairs to navigate, older bathrooms are usually not built with easy access for seniors with mobility problems (and may not be on the first floor), rugs and old flooring may present tripping opportunities, and lighting is often not as bright as needed to prevent falls. Also, seniors often fail to replace smoke detector batteries. These are a few of the situations that can make the home a more dangerous place.

Maintenance Issues: Homes provide a lot of enjoyment but always need constant upkeep and maintenance. Unless done on a regular basis, deferred maintenance can lead to unexpected emergency repairs, which are always costly. Often these crisis situations leave a senior overwhelmed as to how to pay for and even coordinate the repair process. With increasing states of disrepair, a house becomes a more difficult place for the owner to do their daily activities. In the end the house loses value compared to homes more modernized and maintained.

Finances : A senior may find themselves with higher costs supporting a home much larger than their actual needs. Taxes, fuel, electricity charges, water and sewer charges, and grounds fees — lawn care or shoveling — are paid to maintain a home that worked when the family all lived there, but at this point it is a burden to heat and cool extra rooms.

Loneliness: A senior may insist on living in their home as they age but may not acknowledge the isolation and loneliness they feel. Grown children may be nearby, but with their busy schedules find only an hour or so to “drop by” daily or weekly. If a home is near other neighboring houses that could provide interactions with neighbors that is great. Many seniors, especially those with mobility issues, however, find it more difficult to leave their homes on their own and as a result interact with fewer people. As driving becomes more limited seniors are more dependent on the schedules of others and frustrations grow.

Before you, a family member or loved one is facing a crisis situation, it is best to think about senior living choices or how to size down to a smaller, home or apartment. Explore all options including adapting the current home to the latest safety features. Talk with your accountant, financial planner and elder law attorney to review the financial impact of your decisions on your budget and estate plans.

There is nothing like having your own home but there may come a time when having a place to live that is safer, more manageable and less isolating makes sense.

Helen-feb-2011-web

Helen Keit is a licensed real estate broker at Keller Williams Realty Landmark with 30 years experience in real estate servicing all Queens neighborhoods and responsible for the sale of over 1,300 homes and apartments. She has helped hundreds of families move, including many employees for dozens of the country’s top corporations. Visit www.kwnyhomes.com and www.keitteam.com.

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Construction underway on Ridgewood’s largest new development


| lguerre@queenscourier.com

Rendering courtesy of Essex Capital 

A rendering has been revealed for the largest new development in Ridgewood, a seven-story, 90-unit rental tower.

Construction has already begun on the project, which will be located at 16-14 and 16-26 Madison St. Essex Capital is building the residential structure and hopes to keep rents much lower than those in Manhattan and Brooklyn neighborhoods, according to a published report.

But rents in Ridgewood have been surging when compared to just five years ago, and exact rates weren’t given yet, Crain’s reported.

White Plains-based KSQ Architects is designing the building, which will also have 45 parking spaces, according to records filed with the Buildings Department in 2013.

Essex Capital paid $4.7 million for the two lots in 2013, according to city records.

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Jamaica Colosseum Mall selling for $45M


| lguerre@queenscourier.com

Photos courtesy of Jamaica Colosseum Mall

In another big sign that Jamaica is changing, the more than three-decade-old Jamaica Colosseum Mall known for its hip-hop clothing stores and huge jewelry exchange is being marketed for sale.

The mall, which was a Macy’s until 1978, has been listed by Epic Commercial Realty for $45 million.

The site at 89-02 165th St. has nearly 50,000 square feet of space and up to 250,000 square feet of buildable potential for a commercial or residential development, New York YIMBY reported.

The mall could be sold for about $180 per buildable square foot at its current asking price, which would be significantly higher than many other listing sites in the neighborhood.

But as some experts have noted, now is the time for owners to cash in on Jamaica while the market is hot.

A few blocks over from the mall at 168th Street, developers are also working on an $85 million retail and residential complex.

Jamaica Colosseum Mall was founded in 1984 and began with an indoor flea market, according to its website.

Jamaica Colosseum mall 2

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18-story mixed-use residential tower planned for Long Island City


| lguerre@queenscourier.com

Map courtesy of Google

Developer New York Lions Group is roaring again in Long Island City.

The Great Neck-based firm filed applications on Friday with the Department of Buildings to construct another tall, mixed-use residential building in the neighborhood.

The new tower will have 18 stories with 110 apartments as well as another 8,645 square feet for commercial tenants at 42-06 27th St., according to city records. There will also be 55 parking spaces in the development for future tenants.

It will be another collaboration between Lions Group and Flushing-based Raymond Chan Architect.

Also in Long Island City at 27-01 Jackson Ave., Lions Group plans to construct a 15-story mixed-use residential and commercial tower also designed by Raymond Chan. This project will have 88 apartments and about 7,000 square feet of commercial space.

Raymond Chan is also designing Lions Group’s 77-unit Astoria condo at 14-07 Broadway called The Baron, which is expected to be completed by September of 2016.

Finally, the Great Neck developer recently refiled plans to construct an eight-story condo with 15 apartments at 42-83 Hunter St. in Long Island City. The building will have 12,336 square feet of living space and is being designed by Flushing-based MY Architect PC.

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Revitalized Ridgewood commerical building with Lucille Roberts asking for $8.5M


| lguerre@queenscourier.com

Photo courtesy of Berko & Associates

A Ridgewood commercial property on  busy Myrtle Avenue is up for sale and the asking price is $8.5 million.

The building, located at 55-05 Myrtle Ave., is fully leased with a Lucille Roberts gym on the second and third floors, and two medical offices on the ground floor.

The building has 18,000 square feet, and the gym is occupying 11,000 square feet, according to real estate firm Berko & Associates, which is handling marketing for the property.

Years ago, the ground floor was occupied by a furniture store. The building was revitalized and updated with the new tenants last year.

It is about two blocks from the Myrtle – Wyckoff Avenues L and M train station.

Contact Berko & Associates’ Alan Simonowitz at 212-683-2208 for more information about the property.

Photo courtesy of Nicholas Strini/PropertyShark

Photo courtesy of Nicholas Strini/PropertyShark

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First look at 13-story mixed-use development near Astoria Cove


| lguerre@queenscourier.com

Rendering courtesy of HCD Architect

Plans for a mixed-use development that would include apartments and medical offices across the street from the huge Astoria Cove project are progressing. Drawings for the project were provided to The Courier.

Ming & Garden Realty LLC, which owns the land at 26-01 4th Ave. near the Astoria waterfront, filed plans to demolish the current two-story building on the site last July, and then filed in December to construct the tall mixed-use project.

The ground floor and second floor will be used for the medical office, while the third to the 30th floors will include 118 apartments in 122,510 square feet of space, according to veteran Bayside-based architect Tim Hao of HCD Architect, who is designing the building.

Ming & Garden Realty purchased the site in 2012 for nearly $7 million, according to city records.

The site is also several blocks away from the Hallets Point mega project that the Durst Organization is working on.

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17 city-owned sites in Jamaica identified for new affordable housing


| lguerre@queenscourier.com

Photo courtesy of Christopher Bride/PropertyShark, Map courtesy of Google

In the de Blasio Administration’s latest effort to make a dent in the city’s housing crisis, the Department of Housing Preservation and Development is calling on developers to build housing on about 175 sites across the city.

The agency released a list of vacant, city-owned properties for the construction of affordable housing across the five boroughs last week, including 17 sites in Jamaica, which are the only Queens locations.

The agency is collecting applications from developers until Feb. 19 for the program.

The city is even offering financing through its Neighborhood Construction and New Infill Homeownership Opportunities programs, but it comes with the requirement that at least one of every three units must be affordable or up to 80 percent of Area Median Income. That’s no more than $67,120 in annual income for a family of four.

This effort seems to be part of Mayor de Blasio’s plan to create and preserve 200,000 units of affordable housing over 10 years.

The single largest lot in the program is at 108-59 Union Hall St., which has 8,830 square feet. But if combined with adjoining vacant lots at 108-41, 43, 49, and 51 there is about 20,800 square feet of space.

Take a look at the map below to see where the Jamaica properties are, and click here for the full city-wide list.

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Newly constructed Whitestone office building starts search for tenants


| lguerre@queenscourier.com

Photo courtesy of CBRE

The marketing campaign for leasing in the Whitestone Expressway’s new office building is about to kick off, and real estate firm CBRE was named the quarterback to market the property.

The glassy, newly constructed 16-16 Whitestone Expwy. building boasts about 60,000 square feet for office space, half of which will be occupied by the owner, the International Union of Operating Engineers Local 30 Pension Trust Fund. It is expected to be completed by summer and the asking price is $50 per square foot.

CBRE will be looking to fill the other 30,000 square feet of space in the six-story building.

The new structure features on-site parking, various utilities and is LEED Gold certified, which is the second highest level of green-friendly rating by the U.S. Green Building Council.

The building offers numerous green measures, including solar power. Future tenants can expect about 40 percent energy savings, according to CBRE.

“This state-of-the-art, energy-efficient office property stands alone in the market and serves as a model for new building development in the area,” CBRE’s Roy Chipkin said. “In addition to being the only new construction ‘green’ building in Queens, this exceptional, highly visible property offers convenient access to a number of major roadways.”

CBRE was also the firm that handled marketing for the sale of the property in 2011, which was sold by Skanska USA Civil Northeast for about $12.5 million. Skanska’s old building was partially demolished after the sale.

Photo courtesy of Scott Bintner/PropertyShark

16-16 Whitestone Expwy. when Skanska owned it. (Photo courtesy of Scott Bintner/PropertyShark)

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Massive Flushing development site to go on sale


| lguerre@queenscourier.com

THE COURIER/Photo courtesy of Scott Bintner

UPDATED: 1/23 1:38 p.m.

Flushing is poised for the sale of large development site.

The property across from the Sky View Parc complex will be going on sale, New York YIMBY reported. The seller, ABS Flushing Development, bought the property in 2006 for $26 million.

The land at 131-35 Roosevelt Ave. had Buildings Department approved plans in 2008 for a major development, which included four mixed-use buildings at 16 stories. Originally designed by Ismael Leyva Architects and called River Park Place, the project would have had 457 apartments.

Renderings of the project are still posted on the architect’s website.

River Park Place will not be the only major development site in Flushing to see time on the market.

Last year, the second phase development rights of Flushing’s Sky View Parc luxury condo project, which included approved plans for a three-building residential complex, was listed for sale by Massey Knakal. The property was reported to have asking prices of more than $100 million.

However, Onex Real Estate Partners, the team that designed phase 1 of the Sky View Parc condominiums, retained the site and will go ahead and develop the second phase of the project, which includes more than 800 luxury condos in nearly 750,000 square feet.

“We are eager to bring the next chapter of this thriving community to fruition,” a representative of Onex said.

UPDATE: Previously not mentioned, Onex Real Estate Partners will develop the second phase of the Sky View Parc condos project. 

pic-1-624x311

Photo courtesy of Massey Knakal

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Elmhurst corner strip sells for $5.8M, residential development possible


| lguerre@queenscourier.com

Photo courtesy of Scott Bintner/PropertyShark 

A Manhattan-based firm recently spent $5.8 million to scoop up two lots on an Elmhurst corner that have the potential to be the location for a much larger residential building.

The parcels, located near the Jackson Heights border at 75-08 and 75-24 Broadway, comprise two buildings with 12 retail and office units combined.

Sunnyside firm Terra Property Group sold the buildings to 75-08 Broadway LLC, according to records filed with the city last week.

The property could be attractive to possible future residential tenants because a subway entrance to the five-line Jackson Heights-Roosevelt Avenue/74th Street-Broadway transit complex is on the corner, making transportation convenient.

No permits have been filed with the Buildings Department for the properties.

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Four-story LIC building near waterfront sells for $12 million


| lguerre@queenscourier.com

Photo courtesy of Scott Bintner/PropertyShark

Elmhurst-based Eunhasu Corporation bought a four-story building in Long Island City near the waterfront for $12 million, according to city property records filed on Friday.

The industrial building at 47-33 5th St., is zoned for residential development, and the previous owner had approved plans with the Buildings Department to convert the building from a manufacturing use.

Under the previous owner’s plans, the building would become a six-story residential structure with 14 units, according to filings, and Brooklyn-based architecture firm Thread Collective was designing the property. Now that the building has been sold, it’s fair to say those plans could see some adjustment.

The seller, 47-33 5th Street Corp., turned a nearly $10 million profit off the building after purchasing it in 2003 for $2.25 million, according to city records.

Eunhasu Corp has been active on the selling side of the market as well. In October last year, the Elmhurst company sold a warehouse in LIC to GDC Properties for $37 million.

GDC Properties is demolishing that warehouse and hopes to construct townhouses on the property.

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North Shore Towers is city’s most popular building complex in 2014


| lguerre@queenscourier.com

THE COURIER/File photo

There is plenty to celebrate at the North Shore Towers.

Not only will the Floral Park building complex be marking its 40th birthday in 2015, but the towers were New York City’s most popular buildings in terms of sales by a wide margin last year, according to a published report based on data from real estate website PropertyShark.

That’s right, the three-building co-op at 272-40 Grand Central Pkwy. sold 115 units last year, which is 35 more units than the runner-up.

With everything from tennis courts, a pool, a fitness center, a movie theater, a golf course and annual events, the towers attract homeowners of all ages, and that could be the reason for the high number of sales.

To be fair, the median price of an apartment in the complex is about $495,000, which is quite a bit lower than the runner-up, a Manhattan building named The Jefferson, which had a median price of $1.72 million.

Honorable mentions

Some other Queens buildings made the most popular top 10, including Woodside Terrace Condo in Maspeth, which finished in fourth place with 76 units. The buildings, located at 63-14 Queens Blvd., has just 96 total apartments. Nearly 80 percent of its capacity was filled last year.

Coming in at number six is The Vista at 44-15 Purves St, which sold 48 units last year. The buildings are among Queens’ newest luxury residential developments.

And The Bay Club in Bayside took ninth place after selling 44 units last year. But the article points out the condominium has more than 1,000 units, so selling under 4 percent isn’t that much of an accomplishment.

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Five interesting facts about Queens home sales in 2014


| lguerre@queenscourier.com

Photo courtesy of The Continental Park /Chart courtesy of REBNY 

The Real Estate Board of New York released its 2014 fourth quarter home sales report for the five boroughs on Tuesday, which showed that homebuyers spent nearly $10 billion in New York City during the final three months of the year.

Since a ton of cash was spent, here are five interesting and maybe surprising facts pulled from the report showing how Queens fits into the big picture: 

Playing catch-up

Homebuyers spent 10 percent more money in Queens, the city’s most diverse borough, in the fourth quarter of 2014 than the previous quarter, accounting for $1.78 billion. Brooklyn, the city’s most populous borough, had total sales of $1.97 billion in the quarter, which results in a drop of 1.43 percent from the third quarter. Of course Manhattan leads the pack, but saw a major drop of 22.56 percent from the third quarter with just $5.3 billion in home sales.

Up, up and away

The prices of homes in the borough are definitely moving on up. The average sales price of a home in Queens was $463,000, up 7 percent from the fourth quarter in 2013. However, this pales in comparison to Manhattan and Brooklyn. The average price in Manhattan increased a whopping 19 percent from last year to $1.65 million, and people actually paid 15 percent more for a home in Brooklyn at an average price of $713,000. Fuhgeddaboudit!

REBNY chart

Condo “mini”-ums

Condos in “The World’s Borough” actually saw a decrease in prices, the report found. The average price of a condominium in Queens decreased 3 percent to $477,000. This is drastically different from “skyscraper world,” otherwise known as Manhattan, where prices for condos rose year over the year, increasing 37 percent to an average of $2.33 million.

Flushing in first

The report showed that the combined neighborhoods of Rego Park, Forest Hills and Kew Gardens had the most home sales with 443 in the fourth quarter. But to be fair, Flushing, which was counted alone, should take home the crown for most sales. The neighborhood recorded 401 home sales in the quarter.

And the winners are….

The area in Queens with the highest percent increase in the fourth quarter of 2014 over the year included the Howard Beach and Broad Channel neighborhoods, which saw a 25 percent jump in home prices to an average of $427,000. Long Island City had the most expensive prices with an average of $915,000.

Click here to read the full report.

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