Tag Archives: Real Estate

DOT presents plan for Glendale plaza


| brennison@queenscourier.com

Photo Courtesy of Department of Design and Construction

Some locals are worried a proposed pedestrian plaza won’t be a walk in the park for drivers.

Under the plan, a public space would be constructed between famed German restaurant Zum Stammtisch and the Glendale Veterans Triangle, closing off 70th Street between Myrtle and Cooper avenues. Benches, greenery and outdoor seating for Zum Stammtisch would be installed, with the Glendale Veterans Memorial standing in the center.
The project, first proposed in February, was presented to the Glendale community by Department of Transportation (DOT) representatives at a meeting on Wednesday, May 2 at Redeemer Lutheran, a block from the selected location.

Raising the concern of residents was the inability of drivers to turn onto Myrtle or Cooper Avenues at the intersection adjacent to the plaza, removing another central access point for the major arteries in the area with 70th Street to be closed.

“It’s a little bit of give and take, we’re not going to make everybody happy,” said Emily Weidenhof, project manager of public spaces.
Rich Huber, who is on the Transportation Committee of Community Board 5, said that while he does not think the plaza is a bad idea, he is worried about the congestion confused drivers and those circling for parking will cause.

“There will be an adjustment period,” said Borough Commissioner Maura McCarthy. “But as people get used to the closed street, they will find their way.”
Ted Renz, executive director of the Ridgewood Local Development Corporation (LDC), said the organization will be responsible for the upkeep of the plaza — sanitation, removing tables nightly and maintenance. The LDC provides a similar service for the Myrtle Avenue Business Improvement District in Ridgewood.

Community Board 5 (CB5) is still awaiting DOT revisions and the plaza’s final plans, said District Manager Gary Giordano, before making a recommendation.

“I think having a pedestrian plaza at that location could be a lovely addition to the neighborhood,” Giordano said. “But we need to make sure that traffic concerns, especially safety, are addressed and need to prepare for any security issues that might arise.”

Though the DOT said that no security cameras would be installed, Zum Stammtisch’s owners said they would place a surveillance camera outside the restaurant.
The approximately $1.5 million plan, which has not yet been finalized, must still be presented to CB5’s transportation committee, voted on and reviewed by the Public Design Commission.

If approved construction would not begin until the fall of 2013 or spring of 2014.

House of the Day: Little Neck – 4 Bedrooms, 2 Bathrooms


| jlane@queenscourier.com

Copyright (C), Multiple Listing Service of Long Island, Inc, 2004

48-38 Glenwood St
LITTLE NECK, NY 11362
Total Taxes: $7,500
List Price: $1,150,000

Other, Detached, # Families: 1
11.0 rooms, 4 Bedrooms , 2 Full Baths , 2 Half Baths

School District: Community District 26
Year Built: 2010 , New Construction

Construction: Brick
Lot Size: 48 X 100
Appearance:

Interior Features
1 kitchen
Dining room: Formal
Den/Family room
Full Finished Basement
Stove, Washer, Refrigerator, Dishwasher, Dryer
Fuel/Heat Type: Gas, Steam

Contact Info

Jimmy Fu

Unimax Realty Co Inc
3640 Main St Ste 305
Flushing, NY 11354

Tel: 718-539-7100

Refer to MLS Number 2491472

If you build it, they will come


By Queens Courier Staff | editorial@queenscourier.com

“If you build it, they will come” is perhaps the second most common real estate adage after “location, location, location.”

In LIC, it seems to be true – at least since 2001. Once the city rezoned large swaths of land to allow mixed-use (residential and commercial) development and taller buildings – and gave tax abatements – developers and builders began a construction boom that continues today, two economic cycles later. Most of that construction was of purely speculative nature – investors that funded the process broke ground without any guarantees on how much New Yorkers would be willing to pay or that they would embrace the “new” neighborhood. Yet somehow, 11 years later, most of what has been built is occupied, and a small but growing commercial community is thriving from serving the new residents.

The popular belief in the neighborhood – and one certainly boosted by local media – is that LIC is experiencing an unexpected baby boom, with families and children reshaping the area’s character for years to come. Anecdotal evidence: Day care centers are fully booked, P.S. 78 has a waiting list, LIC Kids gym is packed year round and if you walk around Gantry Park on a nice day, you’ll likely see more strollers than bicycles. In just a few years, the Easter egg hunt attendance is said to have gone up from 50 people to 1,000. Even Sunnyside seems to be experiencing a new injection of young families who prefer the greenery of Sunnyside Gardens to shiny new glass condos.

I always welcome opinions of folks I consider wiser or more experienced than me, and the other day I ran into Kris from babieskidsclothestoys.com. When I mentioned to him that I’ve been receiving calls for commercial spaces from dozens of businesses that want to cater to babies and young families, he proposed an interesting theorem: What if this baby boom everyone bought into is more of a baby bump? What if the seemingly endless business opportunities – day care centers, specialty programs, kid’s haircutters, baby stores, etc. – will all open based on a false projection of a continued influx of newborns? What if this is a bubble that will fizzle in a year or two?

If we use the “build it and they’ll come” theory, there may be some concern. None of the new condos or rental buildings coming to market will offer three-bedroom apartments, for example. Small two-bedrooms and one-bedrooms that are being built are not suitable for families, especially those with more than one child. If we don’t have housing that can accommodate more than one kid per family, those who plan on having more kids will be simply forced to move away. Most of the buildings built before 2011 featured a good percentage of three and large two-bedrooms, and there used to be houses available for sale or rent to newcomers. There are few today. Unless developers do something about it, the neighborhood won’t be able to house any more families with kids.

At the same time, all the talk about new children-related services coming to LIC (Tribeca Pediatrics opened up on Vernon Boulevard) and the addition of two city schools and the library, as well as the expansion of the Gantry State Park, will hopefully continue luring families to visit, and stay, in LIC. Back in 2008, I ran into a 70-year sage of Broadway theater, who lives on Upper West Side, at Tournasol restaurant on Vernon Boulevard. Surprised to see her on this side of the water, I asked what brought her here.

“Excellent food and I like the ambiance. We’ve been coming here for years,” she said.

There you have it… if you build it, and it’s good – like a restaurant, school or building, or a neighborhood – people will find it and they will come. Smart business people will do well no matter who moves into the neighborhood, and many of those who simply jumped on the bandwagon will fail. Furthermore, unlike decades past, we now have internet and smart phones, and just as “googling” for the best brisket in the city will lead you to John Brown Smokehouse in LIC – 2012 Brisket King of New York City – perhaps typing in“LIC” will soon yield a lot of “best” and “most” in many categories. As long as we continue to build this neighborhood the right way, people will keep coming, and multiplying, if that’s what they choose to do!

House of the Day: Forest Hills Colonial – 7 Bedrooms, 5.5 Bathrooms


| jlane@queenscourier.com

Copyright (C), Multiple Listing Service of Long Island, Inc, 2004

60 Exeter St
FOREST HILLS, NY 11375
Total Taxes: $16,082
List Price: $3,100,000

Colonial,  Detached, # Families: 1
11.0 rooms,  7 Bedrooms , 5 Full Baths , 2 Half Baths

School District: Community District 25
Year Built: 1930

Construction: Brick
Lot Size: –
Appearance:

Interior Features
Eat-in kitchen
Dining room: Lr/Dr
Den/Family room
Home office
Full Finished Basement
Stove, Washer, Refrigerator, Dishwasher, Dryer
Fireplace
Wood Floors
Fuel/Heat Type: Oil, Steam
A/C: Y

Contact Info

Guy T Israel

Winzone Realty Inc
14620 34th Ave
Flushing, NY 11354

Tel: 718-886-3200

Refer to MLS Number 2489750

Turtle & Hughes Leaving LIC for Glendale, Queens


| ddynak@queenscourier.com

building 36 atco

Turtle & Hughes, a leader in distribution of Electrical and Industrial Equipment is relocating from Long IslandCityfurther east to Glendale. Its operation at 4939 Van Dam Streetwas simply not large enough, and with industrial rents in and around LIC going up – a result of higher property taxes, strong demand for space close to Manhattanand development – the company made a decision to move to ATCO-owned Atlas Terminals off Cooper Avenuein Glendale, Queens.

The new location, a 13,000 sq ft building #36 on 80th Street off Cooper Avenue, comes with parking and at a price few dollars per square foot lower than anything comparable in LIC. Joe Ibrahim of Right Time Realty represented the tenant on the transaction, which is a 5-year lease.

No More Rotten ‘Apple’


| mpantelidis@queenscourier.com

Photo Courtesy of Alma Realty

Long Island City’s “Apple Building” – currently eaten to its core – will soon be ripe again.

The edifice, located at 30-30 Northern Boulevard and known for the large sign on its roof – left behind by the Apple Red Tag & Label company when it ceased operations in the 1970s – has been mostly vacant for over a decade and is currently in disarray.

Alma Realty, the building’s developer, is planning to restore and renovate the structure into a retail and commercial complex by this time next year. The developers also aim to raise the building’s square footage from about 180,000 to roughly 270,000 by increasing the number of stories from five to seven. Once completed, the building will include a fitness center, cafeteria and rooftop terrace.

George Valiotis, the Alma Realty project director, anticipates a strong demand in retail in the upcoming years, and believes the site could be very appealing to tech and media firms. Valiotis went on to say that Alma has had preliminary negotiations with several universities about building a campus on the site – complete a culture center, museum, 2,000-seat amphitheatre and dormitory – which he hopes would open in five years.

“We think this is great for L.I.C.,” Valiotis said. “It will create foot traffic for other businesses to open up in the surrounding area. If the building is filled up with offices and there are hundreds of people working there, restaurants, cafes and stores will open in the area. It brings life to an area which for a long time was underutilized. L.I.C. is a great place to live, work and play and if people work there then they will live and play there too.”

According to Valiotis, the exterior work necessary is substantial, and the interior will be based on tenants’ requests. Valiotis said the signature sign on the building’s roof will be restored, but kept in place. Although Alma has yet to receive a building permit, the company has begun fixing violations and performing demolition work. The developers have also applied for Leadership in Energy and Environmental Design (LEED) Gold Certification – a prestigious designation awarded to eco-friendly buildings.

“The Apple Building,” which was erected in 1913, was sold to Alma in 2011. The previous developer intended to build a 19-story dormitory on the site, and the last tenant the building had was a topless bar.

Community leaders have strongly supported the building’s renovation – anticipating that retail and commercial space will compliment the restaurants and shops recently opened in the Queens Plaza area.

Jerry Walsh, president of the Dutch Kills Civic Association, expects the area’s economy to improve greatly, and he hopes to hold discussions with Alma regarding the project in the future. Although he would have preferred the city purchase the building to construct a hospital, Walsh says Alma’s plans are a great positive for the neighborhood and residents are pleased.

Deal Is Near to Develop Willets Point


| jlane@queenscourier.com

Untitled-1

The Bloomberg administration is nearing a deal with the Related Cos. and a real-estate firm controlled by owners of the New York Mets to build a retail and residential development on a gritty swath of Queens near Citi Field, according to people familiar with the matter.

But the tentative deal to develop Willets Point isn’t a home run. It would require significant revisions to a signature initiative of the Bloomberg administration: an ambitious $3 billion vision for the area that includes 5,000 apartments, stores and a hotel.

The idea was unveiled with great fanfare in 2007 and passed a complicated public-review process in 2008. But during recent negotiations, developers rejected the plan as financially impractical and called for some changes, the people said.

Read More: Wall Street Journal

House of the Day: Bayside Colonial – 5 Bedrooms, 1.5 Bathrooms


| jlane@queenscourier.com

Copyright (C), Multiple Listing Service of Long Island, Inc, 2004

215-33 40th Ave
BAYSIDE, NY 11361
Total Taxes: $5,622
List Price: $788,000

Colonial, Detached, # Families: 1
9.0 rooms, 5 Bedrooms , 1 Full Baths , 1 Half Baths

School District: Community District 26
Year Built: 1925

 

Construction: Frame
Lot Size: 40 X 100
Appearance: Good

Interior Features
Eat-in kitchen
Dining room: Formal
Den/Family room
Full Finished Basement
Stove, Washer, Refrigerator, Dishwasher, Dryer
Fireplace
Wood Floors
Wall to Wall Carpet
Fuel/Heat Type: Gas, Steam
A/C: 1

Contact Info

Maureen J Higgins

Pilling Real Estate Inc
4218 Bell Blvd
Bayside, NY 11361

Tel: 718-225-0620

Refer to MLS Number 2491670

House of the Day: Whitestone Colonial – 3 Bedrooms, 1 Bathroom


| jlane@queenscourier.com

Copyright (C), Multiple Listing Service of Long Island, Inc, 2004

150-34 9th Ave
WHITESTONE, NY 11357
Total Taxes: $3,992
List Price: $750,000

Colonial, Detached, # Families: 1
7.0 rooms, 3 Bedrooms , 1 Full Baths

School District: Community District 25
Year Built: 1930

Construction: Frame
Lot Size: 50 X 100
Appearance: Excellent

Interior Features
Eat-in kitchen
Dining room: Formal
Home office
Full Basement
Stove, Washer, Refrigerator, Dishwasher, Dryer
Wood Floors
Wall to Wall Carpet
Fuel/Heat Type: Gas, Hw
A/C: 3

Contact Info
Request a Showing
JoAnn G Ferrari

Stephanie R Belanich

Keller Williams Rlty Landmark
3255 Francis Lewis Blvd
Flushing, NY 11358

Tel: 718-475-2700

Refer to MLS Number 2491271

AG announces foreclosure prevention grants


| aaltman@queenscourier.com

Statistics show that Queens is the borough with the highest share of first-time foreclosures in 2012, and now Attorney General Eric Schneiderman has announced that his office plans to award $3 million in foreclosure prevention services to assist New Yorkers struggling with possible foreclosure. The grant includes $1.5 million for organizations serving New York City.

In January, Schneiderman sought assistance from 31 non-profit legal outfits and legal-aid organizations to provide services to homeowners in foreclosure or at risk.
“As our state faces tight budget times, we must be creative and aggressive in our efforts to support working families who are struggling to stay in their homes,” said Schneiderman. “Funding legal services is essential to bringing relief for the homeowners and communities that have been devastated by the crash of the housing market, and these grants will provide thousands of New Yorkers with the legal expertise they desperately need to defend their rights in court.”

Schneiderman designated a separate $15 million of the $132 million out of the national mortgage servicing settlement as additional funding for foreclosure prevention; $9 million of those funds will be set aside to help the state’s Foreclosure Prevention Services Program – a service previously set to expire on April 1, and $6 million will go towards housing and community renewal initiatives statewide.

House of the Day: Jamaica Estates Colonial – 5 Bedrooms, 3 Bathrooms


| jlane@queenscourier.com

Copyright (C), Multiple Listing Service of Long Island, Inc, 2004

179-19 Croydon Rd
JAMAICA ESTATES, NY 11432
Total Taxes: $6,736
List Price: $1,028,000

 

Colonial, Detached, # Families: 1
10.0 rooms, 5 Bedrooms , 3 Full Baths

School District: Community District 29
Year Built: 1940

Construction: Brick
Lot Size: 60X142
Appearance: Excellent

Interior Features
Eat-in kitchen
Dining room: Formal
Den/Family room
Home office
Full Basement
Stove, Washer, Refrigerator, Dishwasher
Wood Floors
Wall to Wall Carpet
Fuel/Heat Type: Oil, Hw

Contact Info

Nancy Deschamps

Michele Cheng
Better Homes & Gardens R E FH
10115 Metropolitan Ave
Forest Hills, NY 11375

Tel: 718-544-4000

Refer to MLS Number 2490460

House of the Day: Flushing Hi Ranch – 4 Bedrooms, 4 Bathrooms


| jlane@queenscourier.com

Copyright (C), Multiple Listing Service of Long Island, Inc, 2004

144-46 29th Ave
FLUSHING, NY 11354
Total Taxes: $3,511
List Price: $1,150,000

Hi Ranch, Detached, # Families: 1
9.0 rooms, 4 Bedrooms , 4 Full Baths

School District: Community District 25
Year Built: 2003

Construction: Brick
Lot Size: 41 X 100
Appearance:

Interior Features
Eat-in kitchen
Dining room: Formal
Den/Family room
MBR 1st Floor: Y
Home office
Full Finished Basement
Stove, Refrigerator
Fireplace
Wood Floors
Fuel/Heat Type: Gas, Hw
A/C: Cac

Contact Info

RuoRuo Yang
E-Mail Realtor

William Wang
Visit My Website
E-mail Realtor
Unimax Realty Co Inc
3640 Main St Ste 305
Flushing, NY 11354

Tel: 718-539-7100

Refer to MLS Number 2490767

Hear That? It’s the Queens housing boom


| mpantelidis@queenscourier.com

With economies around the world foundering, the Queens housing market appears to be floating just fine.

According to data from the Real Estate Board of New York (REBNY), Queens had the most home sales of any borough in the first quarter of this year with 2,919 – representing a 13 percent increase from last year. The average sales price of a home in Queens also declined by two percent to $391,000.

The neighborhoods with the most home sales in the borough were Flushing, with 301, Rego Park, Forest Hills and Kew Gardens, which had 265 sales, and Springfield Gardens and Jamaica which experienced 237 sales.

The housing boom in Queens is part of positive results citywide, as average home sales prices and sales volume remained steady across the five boroughs in the first quarter of 2012 compared to the same time last year, while the number of total sales increased by 16 percent from last quarter.

Competitive prices and low mortgage rates attracted buyers and stimulated the growth, according to REBNY, the city’s leading real estate trade association.

“The trend has been somewhat upward, meaning even in the fourth quarter we didn’t see a dip when compared to the first quarter of last year,” said Mike Slattery, the senior vice president of REBNY. “The fact that it has been a steady rise and not a seasonal adjustment is noteworthy. Queens has been a strong, solid upper middle class borough for a very long time, and the broad based strength of its neighborhoods continues to make it an appealing location for home buyers.”

Slattery expects the housing market to continue to grow and said a survey of brokers conducted by REBNY shows “continued uptick in contracts signed.”
John O’Kane, manager of O’Kane Realty, located at 72-01 Grand Avenue in Maspeth, believes a variety of factors have made buying a house in Queens attractive.
“Interest rates are historically low, so anyone who can afford to buy is buying,” said O’Kane. “You get a lot of New York flavor in Queens also. It’s the melting pot of the world.”

The condo market particularly buoyed sales in Queens, as the borough experienced a 36 percent increase in transactions – led by Long Island City, which saw a 53 percent increase from the previous quarter.

Eric Benaim, CEO of Modern Spaces, which handles sales for a number of high-profile condo buildings in L.I.C., says inventory is getting low while demand is growing.
Modern Spaces represents The View, which is 85 percent full and demanding $950 to $1,000 per square foot, and The Industry, which has sold roughly 51 percent of its spaces and costs as high as $850 per square foot. The Vista and the Bindery are new high rises that will likely introduce 250 to 300 condos into the market between 2012 and 2013, according to Benaim.

“Everyone loves L.I.C. when they come here,” Benaim said. “We are getting a lot of ‘Manhattanites’ because of overpricing in Manhattan. The market in L.I.C. is extremely busy.

I haven’t seen it this busy since 2006 or 2007. Years ago we had to pitch L.I.C. as an up and coming neighborhood. But it is not up and coming anymore, it is here.”

House of the Day: Bayside Exp Ranch – 3 Bedrooms, 2 Bathrooms


| jlane@queenscourier.com

Copyright (C), Multiple Listing Service of Long Island, Inc, 2004

27-34 Little Neck Blvd
BAYSIDE, NY 11360
Total Taxes: $8,782
List Price: $1,599,000

Exp Ranch, Attached, # Families: 1
7.0 rooms, 3 Bedrooms , 2 Full Baths

School District: Community District 26
Year Built: 1950

 

Construction: Brick/ St
Lot Size: 80 X 119
Appearance: Mint Aaa

Interior Features
Eat-in kitchen
Dining room: Formal
Den/Family room
MBR 1st Floor: Y
Full Finished Basement
Stove, Refrigerator, Dishwasher
Wood Floors
Fuel/Heat Type: Gas, Hw
A/C: Cac

Contact Info

Silvana Bosco
Silvana Bosco Realty Inc

746 Hempstead Tpke
Franklin Square, NY 11010

Tel: 516-565-9342

Refer to MLS Number 2490147e

House of the Day: Jamaica Estates Tudor – 4 Bedrooms, 3.5 Bathrooms


| jlane@queenscourier.com

Copyright (C), Multiple Listing Service of Long Island, Inc, 2004

81-34 Surrey Pl
JAMAICA ESTATES, NY 11432
Total Taxes: $7,505
List Price: $1,050,000

Tudor, Detached, # Families: 1
9.0 rooms, 4 Bedrooms , 3 Full Baths , 1 Half Baths

School District: Community District 28
Year Built: 1930

Construction: Brick/Stoc
Lot Size: 60 X 100

Interior Features
Eat-in kitchen
Dining room: Formal
Den/Family room
Home office
Full Finished Basement
Stove, Washer, Refrigerator, Dishwasher, Dryer
Fireplace
Fuel/Heat Type: Gas, Steam
A/C: Cac

Contact Info
Request a Showing
Simcha Murdakhaev

Exit Kingdom Realty
6856 Groton St
Forest Hills, NY 11375

Tel: 718-268-8868

Refer to MLS Number 2470557