Real Estate BY ANGELA MATUA Recent college grads should move to Astoria to find affordable housing options, report says com Shutterstock. /Video and Photo L Pavel TIPS for GRADS Recent college graduates looking for affordable housing are more likely to find it in Astoria, a report by StreetEasy found. The report and interactive map, released on June 22, estimated the expected starting salary of recent college graduates based on expected starting salaries, while philosophy their major and what constitutes affordable and religious studies majors were expected rent. For the basis of the report, affordable to make the least with an expected starting rent meant paying 30 percent or less of one’s salary of $27,530. total income. According to the report, in 2015 rent for a The map asks college graduates to enter studio or one-bedroom apartment was at least their major, how much income they’re willing 23 percent cheaper in outer boroughs than it to spend on an apartment and how many was in Manhattan. roommates they want. Users can then analyze Other Queens neighborhoods with a large how many affordable units each neighborhood share of affordable apartments depending contains based on this information. on major and how much income a tenant is In terms of borough, Queens had the thirdhighest willing to spend on rent include Long Island median asking rent after Manhattan City, Forest Hills, Woodside, Sunnyside and and Brooklyn. For a one-bedroom apartment, Jackson Heights. the median asking rent is $1,800. A twobedroom A study by the NYU Furman Center last apartment would set residents back month found that Astoria is one of the most gentrifying neighborhoods in New York City, partly because many college students were moving in. Rapid changes in housing cost and affordability contributed to its inclusion on the list. $2,275 and a three-bedroom apartment is expected to cost $2,750. Astoria consistently had the biggest share of affordable housing options regardless of major, how much income recent grads are willing to spend on rent and how many roommates they have. Students who majored in engineering, math, business and medical and health sciences and services had some of the highest LIC OFFICE BUILDING SELLS FOR $90 MILLION A Long Island City office building is selling for $90 million, double what it was purchased for two years ago by real estate investment firm Brickman. According to Crain’s New York, the property at 47-25 34th St. will be purchased by Metropolitan Realty Associates and investment firm TIAA. Only 45 percent of the 342,000-square-foot building is currently being used and tenants are using it for warehouse and showroom space. Metropolitan Realty Associates and TIAA plan will invest more than $10 million to upgrade the space into modern offices, according to Crain’s New York. Steven Klein, Brickman’s chief investment officer, told Crain’s that his firm sold the property to capitalize on the increased value in commercial property in the borough and will focus on its other commercial buildings nearby. A warehouse the company owns at 30-02 48th Ave. will be turned into creative offices. Similarity, a property at 35-11 Ninth St. in Astoria will also receive upgrades. Klein said office space in neighborhoods like Long Island City are slightly cheaper than in places like Chelsea and this has spurred a high level of interest from investors to develop these buildings into office spaces. “When we bought 47-25 34th St. a few years ago, people might have thought we were idiots because we were one of the few investment groups in the neighborhood,” Klein told Crain’s. “Now there’s a deep bench of investment firms like Vornado, Related and RXR buying buildings there.” Courtesy Property Shark
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