Tag Archives: Real Estate Board of New York

First annual QNS Real Estate Conference features Port Authority director Patrick Foye


| agiudice@ridgewoodtimes.com

Photo by Dominick Totino

It may have seemed like a cheap dig at the time, but Vice President Biden’s recent quip that LaGuardia Airport is fit for a Third World nation was on the money, said the man in charge of the city’s airports, Port Authority Executive Director Patrick Foye.

Foye, the keynote speaker at the first QNS Real Estate Conference on Thursday, sponsored by The Queens Courier, conceded that the city’s oldest airport is in need of a major overhaul — and he pledged that the revamp will get done.

“Queens has been a gateway to the world for more than 100 years,” Foye told more than 350 real estate executives who turned out for the breakfast forum at Terrace on the Park. “The only way to keep that moniker is to update and improve the borough’s airports.”

“Vice President Biden made a comment, which sadly I happen to agree with in large part, which is, that parts of LaGuardia look like a Third World nation,” Foye said.

This statement was made about the central terminal building in LaGuardia Airport. In response, the Port Authority is currently looking to do a redesign of that building.

The current terminal is decades old and vastly outdated. A redesign is greatly needed, Foye pointed out, and the Port Authority is working on getting that built.

“The central terminal building has long outlived its usefulness,” Foye admitted. He continued by saying that the central terminal building was “built for a different generation of aircraft and for a far smaller number of passengers coming through on an annual basis.”

Another project the Port Authority is focusing on is the creation of a proposed AirTrain to LaGuardia, connecting the airport to the Willets Point station for the No. 7 subway and the nearby Long Island Rail Road station.

Foye believes that a public transportation option from Midtown Manhattan to LaGuardia Airport will help reduce congestion on roadways and generate revenue for the city. He went on to talk about the Port Authority’s Capital Plan that funds major transportation projects in both New York and New Jersey.

“Last year the Port Authority board approved a capital plan of $27.6 billion over 10 years. That includes $8 billion for our airports, and $5 billion alone for JFK and LaGuardia,” he said.

Foye said the capital funds will be instrumental in making important strides in improving Queens’ airports.

There will be major runway projects conducted at JFK, the construction of a new electric substation at LaGuardia along with the completion of new parking structures at the airports, he explained.

With Queens being named the top U.S. tourist destination by Lonely Planet, the Port Authority is committed to updating the area airports to better receive and service those travelers.

The event, co-hosted by The Queens Courier and the Real Estate Board of New York, was focused on the current real estate boom taking place in the borough.

Borough President Melinda Katz, who opened the morning conference, said Queens is “the hot and on-the-move borough when it comes to real estate in the city of New York.”

She went on to explain some of the borough’s top assets driving the new real estate boon, including museums, cultural diversity and what she believes is the “biggest asset,” the aviation industry.

In 2014, more than 80 million travelers came through both of Queens’ airports, John F. Kennedy International Airport and LaGuardia Airport.

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Port Authority director, BP Melinda Katz, industry leaders to headline first QNS Real Estate Conference


By Queens Courier Staff | editorial@queenscourier.com

Real Estate Conference logo edit

Pat Foye, the executive director of the Port Authority of New York and New Jersey, will be the keynote speaker at the first QNS Real Estate Conference on Feb. 26.

As head of the bi-state agency that oversees the borough’s airports, LaGuardia and John F. Kennedy, Foye is positioned to speak about the major transformation coming to the airports, including the proposed LaGuardia AirTrain, which Governor Andrew Cuomo recently announced.

Foye, who was deputy secretary for economic development for Cuomo, headlines speakers from key firms in the real estate industry who will attend the networking event, which Star Network and The Queens Courier are hosting in association with the Real Estate Board of New York (REBNY). Real estate website PropertyShark, Flushing Bank, Mattone Group and Meridian Capital Group are sponsoring the symposium.

“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 LIC 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.”

Borough President Melinda Katz, who branded Queens the “World’s Borough,” will deliver the opening remarks at the event, which will take place at Terrace on the Park at Flushing Meadows Corona Park and begin at 8 a.m.

Following Katz’s opening comments and Foye’s keynote speech, members of the real estate industry from top firms will break into three panel discussions.

The panels will focus on different themes of the real estate industry in the borough, such as why big investments are being made in Queens, experiences in the borough from real estate companies, and expert perspectives on developments in Ridgewood and nearby Bushwick.

“The Queens market has huge opportunity and this event will shed light on the power of the Queens real estate market,” said Josh Schneps, co-publisher of The Queens Courier. “Our goal is to inform people and network. 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.”

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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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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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