Tag Archives: Real Estate Board of New York

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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First QNS Real Estate Conference set for February


| lguerre@queenscourier.com

Real Estate Conference logo edit

The growing Queens real estate market will soon have a forum where industry leaders can gather to network and discuss opportunities across the borough.

The premier QNS Real Estate Conference will be held on Feb. 26, 2015, and will feature top real estate firms that are investing in the borough, while welcoming prospective developers, owners, architects and other industry members.

Star Network and The Queens Courier, in association with the Real Estate Board of New York (REBNY), are hosting the event, which will include a keynote address by Pat Foye, executive director of the Port Authority of New York and New Jersey. Real estate website PropertyShark and Flushing Bank are sponsoring the conference.

“This event is a great opportunity for the public to learn about the latest trends and investment information in Queens from the top people in our industry,” said Jamie McShane, REBNY senior vice president for communications. “Queens is becoming increasingly important as we have seen projects from Astoria Cove to Hallets Point, and projects at Queens Plaza South and the Long Island City waterfront, as well as Willets Point. And the members of the REBNY are very involved with a growing number of exciting projects in Queens, our largest borough and the most ethnically diverse county in America.”

The event will be at Terrace on the Park at 52-11 111th St. in Flushing at 8 a.m., beginning with breakfast and ending with three panel discussions.

The panel discussions will focus on why big investment firms are coming to Queens, the experiences of major developers already based in the borough and experts’ perspectives on the market in Ridgewood.

“The Queens market has huge opportunity, and this event will shed light on the power of it,” said Josh Schneps, co-publisher of The Courier. “This event is a perfect platform to do so for the industry. We hope people interested in the Queens market will attend and hopefully make investments in the borough.”

Click here to register for the event.

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Con Edison admin appointed next Real Estate Board of New York president 


| lguerre@queenscourier.com

Photo courtesy of Real Estate Board of New York

A top Con Edison exec and former City Council chief of staff will take the helm as the next president of the Real Estate Board of New York (REBNY), the organization announced Tuesday.

John Banks, vice president of government relations at Con Edison, will officially begin his new position next year after the current president, Steven Spinola, steps down.

Spinola, who has lead the association for three decades as its longest-serving president, believes Banks is a solid choice for the future of REBNY.

“I look forward to some busy months ahead as we continue to pursue a pro-growth agenda for the city while ensuring the smoothest possible transition at REBNY,” Spinola said. “I couldn’t be more optimistic about the future of this organization under John’s guidance.”

Banks is coming to REBNY after 13 years at Con Edison, where up until recently he lead a staff of 38 employees to manage government and community affairs.

Banks severed as chief of staff for the City Council speaker from 2000 to 2002 before taking his role at Con Edison.

And prior to that, Banks, who has an economics and government bachelor’s degree from Manhattan College and a master’s in public administration from Baruch College, was deputy director of the City Council’s finance division.

Banks sits on a number of boards for various organizations, including the MTA, the New York Public Library and Manhattan College. He served as a member of Mayor de Blasio’s transition committee.

“I look forward to working with the leadership of REBNY, its members, staff, the community and New York’s elected officials,” Banks said. “It is an honor to follow in Steve’s tremendous footsteps and build upon his accomplishments.”

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