Tag Archives: Queens real estate

Ridgewood apartment building sells for $21 million

| lguerre@queenscourier.com

Photo courtesy of StreetEasy.com

A Ridgewood apartment building recently sold for $21 million, which is more than double its last sale price in just three years, indicating the opportunity that real estate investors see in the neighborhood.

New Ridgewood LLC purchased the 50-unit rental building at 71-13 60th Lane from Bonjour Capital, according to city property records.

Bonjour Capital has owned the building since 2012 when it was constructed, and paid just $8.6 million then for it.

Due to its proximity to trendy Brooklyn neighborhoods and access to public transportation, rents and values in Ridgewood have been rising. In addition, relatively low land prices are helping it become a hot area for investors.

Some firms are already working on sizable development projects in Ridgewood, including Essex Capital’s 90-unit building on Madison Street and AB Capstone’s planned 17-story, mixed-use residential rental building on St. Nicholas Avenue.

The building at 71-13 60th Lane is situated near the neighborhood’s Myrtle Avenue commercial strip, where there are national banks, and various outlets for shopping and dining.

There is a mix of one-, two- and three-bedroom apartments in the building, and the average monthly rent is around $2,661, according to Eastern Consolidated, which was marketing the building. The property has 53,865 square feet of space and parking available.

Amenities such as a game room, a resident lounge, a children’s play room and a roof deck with views of the neighborhood are included in the building.


Early plans indicate a large residential tower is coming to Ridgewood

| lguerre@queenscourier.com

Rendering courtesy of AB Capstone

The owner of properties on Myrtle and St. Nicholas avenues in the heart of Ridgewood is planning to construct a 17-story residential rental tower with 130 apartments, according to a source close to the project.

Construction permits have yet to be filed with the Buildings Department for the sites at 54-27 Myrtle Ave., and 336 and 350 St. Nicholas Ave., but early plans indicate that the project will have 200,000 square feet.

The building will also be mixed-use with retail space, the source said, but since the project is in the “very early stages,” designs and details may change.

Developer AB Capstone, which purchased the sites last year, filed demolition permits late last year for the sites, and recently posted an early rendering of the tower on its website.

The image shows the residential building with its entrance facing St. Nicholas Avenue. Other details about the building could not be confirmed yet, including price ranges or sizes for the units.

The development site is located a block from the L and M Myrtle-Wyckoff Avenues subway station, which will be a big benefit for future residents.


Flushing Mall set for demolition soon, new permits filed for 13-story building

| lguerre@queenscourier.com

THE COURIER/Photo by Liam La Guerre

It’s the end of the road for the Flushing Mall, but the fate of the massive site it sits on is still up in the air.

Developer F&T Group, which is working on the huge Flushing Commons project and constructed One Fulton Square, filed plans Thursday to construct what is being called Two Fulton Square on the site at 133-15 39th Ave. in downtown Flushing.

The development will include a 13-story mixed-use residential building with 192 units, according to the filings. Margulies Hoelzli Architecture will design the building, which will have retail stores in the basement level. A parking facility with about 377 spaces was also recently filed for the site.

The project is much smaller than a September filing on the site for a 16-story mixed-use commercial, residential project that would have housed nearly 400 apartments in 368,868 square feet of residential space and 520 enclosed parking spaces. Those plans were not approved by the Buildings Department.

The developer has been tight-lipped about the plans for the project, and has not returned The Courier’s requests for comments and more information. The change in filing could be a downsizing of the project or possibly just part of the development structure.

But one thing is certain — the current mall is about to come down. Last month the developer filed permits to demolish the old Flushing Mall, and scaffolding has been recently set up around the site.


Low supply of Queens homes driving high prices: report

| lguerre@queenscourier.com

Photo courtesy of Multiple Listing Service

The inventory of homes for sale in Queens is continuing to fall, driving higher prices throughout the borough, according to a monthly report on Queens homes sales by Keller Williams Realty Landmark II.

The current median price of a home in Queens is $405,000, which is up 9.6 percent from last year.

The report, which is based on data from the Long Island Board of Realtors, found that there are 27 percent fewer homes available for purchase in March this year than a year ago. Currently, there are 3,902 homes available in the “World’s Borough,” while there were 5,338 in March of 2014.

Sellers have an edge in the market, since demand is high but supply is low, and so they are pricing their homes higher than this time last year.

The low inventory is also having another effect on the market. Although the demand is great, people aren’t buying homes as fast, because they don’t have enough choices.


See it: Spacious Forest Hills home built to entertain, listed for $3.28 million

| lguerre@queenscourier.com

Photos courtesy of Terrace Sotheby’s International Realty

The humongous home at 72-20 Harrow St. in Forest Hills has four bedrooms and four bathrooms in a whopping 5,000 square feet of space — and the heart of this giant is the kitchen.

The residence features an enormous kitchen with an open concept and breakfast area, which could probably host get-togethers with extended family or friends. The space also includes a wet bar and breakfast counter complimented by granite counter tops and custom cabinets. And the additional breakfast area is warmed by a stone fireplace, which is just one of five in the entire house.

The fireplaces are scattered throughout the residence, including one in the living room and another in a bedroom on the second level.

The home, which was listed by Terrace Sotheby’s International Realty for $3.28 million, might seem like a renovated classic at first glance with its Tudor exterior designs, but it’s not even a decade old, and a baby compared to the near century-old homes in the neighborhood.

Constructed in 2006, it was built for entertaining with a speaker system, media and game room, and a bar in the basement. There is a brick patio area and a large garden for outdoor parties.

But when the owner wants to relax in peace, the master bedroom makes for a great escape with a private dressing area, and a spacious bathroom that has a Jacuzzi tub.

Click here to see the listing.


First Queens Doughnut Plant ready for business

| lguerre@queenscourier.com

Photos courtesy of Doughnut Plant 

Queens doughnut lovers can now experience a whole new menu of the classic treat from a popular city-based store without having to leave the borough.

Manhattan-based Doughnut Plant opened its first Queens location in Long Island City on Tuesday, complete with doughnut-shaped stools.

The store, which signed a 10-year lease for a 8,500-square-foot space in the Falchi Building at 31-00 47th Ave. last year, will be the second production home for the company, which also has a 4,000-square-foot space in the Lower East Side.

Doughnut Plant is holding off on a grand opening ceremony for the location as the bakery isn’t fully completed, but during its soft opening, patrons can try the full range of menu options at the store, including doughnuts, coffee, tea, milk and juices. The store will be open from 6:30 a.m. to 7 p.m. daily.

Established in 1994 by Mark Isreal, Doughnut Plant products are now sold at various retailers throughout the city, including at some Shake Shack and Dean and DeLuca locations.

The firm also opened a location in Japan in 2004, and has since expanded to nine spots in the “Land of the Rising Sun,” and one in Seoul, Korea.

Take a look at the Doughnut Plant official website by clicking here see the various flavors and types of doughnuts the company offers.


Workspace provider opening first Queens location in Long Island City

| lguerre@queenscourier.com

THE COURIER/Photo by Liam La Guerre

Workspace provider Regus has signed a 10-year lease for the Falchi Building, indicating the growing need for office space in the burgeoning neighborhood.

The firm, which provides work stations, services and support to companies, is leasing more than 34,000 square feet of space at the Long Island City office and retail building at 31-00 47th Ave.

Although Regus boasts more than 2,000 locations in 100 countries, its new Long Island City space marks the firm’s first in Queens as the company has realized the potential in the market.

More and more companies are willing to move to trendy and growing areas like Long Island City, which has thousands of residential units coming to the neighborhood in the coming years. Also, as the population increases, there will be a need for more office space, particularity for creative small businesses and start-up tech companies, according to experts.

A variety of other work space providing companies have popped up in Manhattan recently, making more competition for Regus. The entry in Queens also helps Regus expand its footprint.

Regus joins the list of recent companies to move into the Falchi Building, including Doughnut Plant and Russian café Stolle.


Queens Brewery hoping to host parties ahead of grand opening to raise money

| lguerre@queenscourier.com

Photos courtesy of Queens Brewery

The grand opening ceremony for Queens Brewery’s new Ridgewood location probably won’t be held until after renovation is complete in September, but there may be parties at the space before that this summer.

The brewery is interested in renting out the outdoor space of its new home for events and parties to raise money to complete interior renovation of the facility.

“Building out a space does cost a lot of money and we want to raise it to get it done,” said Jason Wolf, who handles marketing for the brewery.

As part of its effort to raise money for construction costs, the brewery will also launch a Kickstarter campaign by next month. Wolf couldn’t say how much the they needed to raise yet.

After nearly two years and hundreds of thousands of pints of beers, the Queens Brewery recently announced that they were moving into a Ridgewood warehouse at 1539 Covert St., not far away from the L train Halsey Street station.

The new space boasts 2,500 square feet in two floors. The entire second floor will be used for beer production.

15-39 Covert St.

15-39 Covert St.

The first floor will be used for retail and leads into a huge backyard, which will be transformed into a beer garden.

Queens Brewery’s beers have been on tap in many bars citywide and even in Citi Field, but in the coming weeks the brewery will be introducing cans, which will be sold at grocery stores in the city, according to Wolf. Prices will vary, but they could retail for about $9.99 for a pack of four.

Wolf couldn’t announce which stores would sell the beers, but he added, “You’ll know the stores. It’ll be very easy to find these beers.”

Interior renovations for the Queens Brewery is expected to begin next month.


12-building St. Albans portfolio near LIRR station listed for sale

| lguerre@queenscourier.com

Photo courtesy of GFI Realty Services

An assemblage of 12 multifamily buildings in St. Albans has been listed for sale, according to GFI Realty Services, which is handling the transaction.

The asking price is $5.3 million, according to GFI Realty’s Max Koshkerman, who is handling the marketing of the properties.

The portfolio consists of contiguous two-story apartment buildings located at 187-05 through 187-21 Baisley Blvd. and 187-22 Foch Blvd., not far from retail and dining on Linden and Farmers boulevards. Each building has two one-bedroom units.

The properties are near the St. Albans LIRR station, providing access to Manhattan for tenants. There are also 50 parking spaces on the entire portfolio.

Based on location and the relatively low asking price, it could be a bargain for local investors.

“Located near Linden and Farmers boulevards, these units are all within walking distance of the dining and other conveniences that the nearby retail corridors provide,” Koshkerman said. “With its ideal location and relatively low rents, the buildings provide an enviable asset with significant upsides to investors.”


Trio of sites in Briarwood and Oakland Gardens trade hands for $23.7 million

| lguerre@queenscourier.com

Photos courtesy of Cushman & Wakefield

The owner of three commercial sites scattered in Oakland Gardens and Briarwood sold the properties for more than $23.7 million, according to real estate firm Cushman & Wakefield, which handled the transaction.

The deal involves the cluster of properties at 221-02 through 221-50 Horace Harding Expressway, 137-67 to 137-79 Queens Blvd., 138-09 84th Dr., and 138-07 to 138-11 Queens Blvd., which the real estate firm refers to collectively as “The Vanguard Retail Portfolio.”

Together there are 28 units throughout the entire sale with a combined 44,858 square feet of space.

Of the properties, the largest cluster on Horace Harding Expressway in Oakland Gardens has about 33,698 square feet and 18 retail units with some space for parking.

It has up to 53,159 square feet of buildable space, according to the real estate firm. This one cluster was sold for nearly $17 million.

The properties were purchased by a local investor above the asking price, which was $23.1 million in September, according to Cushman & Wakefield.

“We received an abundant amount of interest contributed to by the continued lack of quality assets for sale along with the desirability for larger retail product,” said Stephen Preuss of Cushman, who handled the deal with Brian Sarath and Thomas Donovan.


One-bedroom rents in February soar in Ridgewood, Rego Park studio rates tumble

| lguerre@queenscourier.com

Photo courtesy of StreetEasy.com/ Charts courtesy of MNS Real Estate

Renters paid more for one-bedroom Ridgewood apartments in February as rates jumped more than 7 percent from January, according to the Queens Rental Market Report by MNS Real Estate.

One-bedroom rents in the neighborhood, which have been rising because of a spill-over effect from nearby trendy Brooklyn neighborhoods, climbed to an average of $1,749 per month in February from $1,630 in January, the report found.

While there was a big increase in Ridgewood, rents in Rego Park, which have been increasing in recent months due to an influx of luxury units, dropped.

The average monthly rents for studios in the neighborhood fell more than 12.5 percent to $1,527 in February. Prices of two-bedrooms in the area slid more than 5 percent as well to $2,453.

Overall rents in the borough followed Rego Park and dipped slightly to $2,089.37 in February from $2,103.96 in January. However, the experts at MNS expect prices to start trending upwards as the weather heats up.

“With listing inventory steadily increasing, we expect prices to follow suit, with demand for new units pushing prices up over the coming months, especially leading up to the summer months, particularly in the Astoria and LIC neighborhoods,” the report said.


70-story skyscraper planned for Long Island City, set to be tallest in Queens

| lguerre@queenscourier.com

Photo courtesy of Google Maps

Construction plans for a Long Island City tower that would become Queens’ tallest building were filed with the Department of Buildings on Wednesday.

The skyline-changing structure at 29-37 41st Ave. will have 70 floors in 772 feet, according to the filings, and will be located near the Queensboro Plaza subway station.

Real estate firm Property Markets Group is constructing the tower and bought the vacant land last year for about $46.3 million. The firm also bought the Long Island City clock tower building adjoining the site for $30 million.

There will be 830,000 square feet of space in the building, which will contain 930 apartments. The skyscraper will be a mixed-use structure and have nearly 15,000 square feet of commercial space on the ground floor.

Amenities, including a pool and a health club, will be part of the building, according to the The Real Deal.

SLCE Architects, which is designing a 54-story skyscraper for Rockrose at 43-22 Queens St., is the architect on this project as well.


State Assembly hopes to tackle property taxes, affordable housing issues with proposed budget

| lguerre@queenscourier.com

Photo courtesy of Christopher Bride/PropertyShark

The New York State Assembly introduced on Tuesday its 2015-2016 proposed budget, which seeks to fight various social issues, including the affordable housing crisis, homelessness and high property taxes.

Calling it the “Families First” budget, the Democrat-led Assembly proposed a $150.7 billion budget, which targets improvements in education, child care, the minimum wage, and health and human services.

The proposal also contains a property tax “circuit breaker” that will give homeowners relief by basing property taxes on household incomes instead of values of their homes.

If enacted, it would be the first property tax reduction in recent years, according to Assemblywoman Nily Rozic. With values quickly rising throughout burgeoning neighborhoods in Queens, Rozic hopes the property tax relief will help families with higher housing expenses.

“Queens families have been crippled by sky-high property taxes and rents for far too long,” Rozic said. “It’s time for families to pay based on what they can afford and not their property’s value.”

The “circuit breaker” tax relief would also extend to renters by tying a portion of annual rent to household income.

Gov. Andrew Cuomo proposed a “circuit breaker” tax credit that would provide about $1.7 billion in rebates for homeowners whose property taxes are above six percent of their incomes in his proposal earlier in the year.

The Assembly’s budget also targets $254.5 million for affordable housing, including $100 million for assistance to help homeowners in foreclosure. An additional $310 million will be allocated toward housing preservation and rehabilitation programs, and $36.5 million for homeless prevention.

The state legislative bodies have about three weeks to meet the April 1 budget deadline.


See it: Stylish Forest Hills home hits market for nearly $2 million

| lguerre@queenscourier.com

Photo courtesy of Terrace Sotheby’s International Realty

A Forest Hills home that recently had a striking interior renovation was listed for $1,989,000.

The home at 69-54 Groton St., which is being called “Dream Designer Home” by Terrace Sotheby’s International Realty, features four bedrooms and four and a half bathrooms in nearly 3,000 square feet of space.

A foyer with an enclosed sunroom greets residents into the home, and the living room has beamed ceilings and a fireplace.

The kitchen has custom cabinetry and Wolf appliances, and on the second floor, the master bedroom includes a spa-style bath.

There is a 400-square-foot terrace on the second level as well as two other bedrooms, although one has been converted into a dressing room.

The basement has a laundry area and another bathroom and there is a two-car garage in the house as well.

Take a look at some photos of the home below.


Residential and manufacturing balance in new LIC residential building

| lguerre@queenscourier.com

Rendering courtesy of Fogarty Finger 

Old industrial buildings in Long Island City are often converted into residential exclusive projects as the housing boom continues in the burgeoning neighborhood.

But due to an old mixed-use industrial zoning, a new residential building that will replace an old warehouse on Crescent Street was designed with a manufacturing space.

Architects for 37-10 Crescent St. recently revealed the new building’s renderings. The first floor of the building will be reserved for manufacturing, which will be used by a contractor, New York YIMBY reported. Ranger Properties, which purchased the 18,000-square-foot one-story building for $6.5 million last year, is developing it.

The project will be a six-story building with 55 residential units in the remaining five floors. It is set to open in 2016. There will also be parking spaces in the basement level, which are mandated by the old zoning code.

The façade of the building is “clad in a lightweight cement board rain screen,” according to the architect.

Demolition permits were filed last month for the one-story warehouse currently at the site.