Real Estate
BY RYAN KELLEY
There has been a noticeably sharp in-crease
in residential development in New
York City so far in 2018, but nowhere is it
more prominent than in Queens, according to
a new report released by New York YIMBY.
In the real estate publication’s first-ever
mid-year pipeline report on July 30, it shows
that the number of new residential units in
Queens rose from 1,867 in the first half
of 2017 to 4,536 in 2018 — an increase
of 243 percent and the largest growth of
the five boroughs. Overall, the citywide
year-over-year numbers show that new
residential units have risen from 9,134 in
the first six months of 2017, to 15,305
in 2018 — an increase of 67.5 percent.
Much of the growth in housing in
Queens has been powered by Long Is-land
City, which is rapidly turning into a
city all its own. In just the past two weeks,
two proposed developments have been
revealed as being contenders for the tallest
buildings in the borough; a 750-foot, mixed-use
tower on 24th Street and a 752-foot
condominium tower on 44th Drive.
In April, the previous contender for the
tallest building in Queens was a 710-foot
mixed-use tower on 41st Avenue.
While such towers have prompted local
leaders to speak out about the zoning laws
in the area, the YIMBY report suggests that
the surge in Long Island City could have
positive effects as the supply meets the
demand for housing.
“As supply finally meets demand,
price decreases in the neighborhood
may also continue, offering New Yorkers
opportunities for legitimately affordable
market-rate housing that is extremely
proximate to the city’s main job cen-ters
in Manhattan, and disproving the
NIMBYs who insist that new construc-tion
14 AUGUST 2018 I LIC COURIER I www.qns.com
can only result in rising housing
costs,” the article said.
In other parts of the borough where
developments call for zoning changes,
the plans have been met with heavy
resistance. In June, Community Board 2
voted against a proposed development
with 561 apartments on Queens Bou-levard,
but the plan is still under review
by the borough president, City Planning
Commission and City Council.
Plans for another tower on Queens
Boulevard that would reach 23 stories
and contain more than 100 apartments
were also revealed in July.
In addition, the report suggests that hotel
applications have seen an increase while
the city attempts to curb their growth by
amending the zoning laws for M-1 districts.
Through the first half of 2018, 2,337 new
hotel rooms have been submitted com-pared
to 2,114 in the first half of 2017,
an increase of 11 percent.
Overall, new units filed in the five bor-oughs
are projected to reach 30,000 by
the end of the year, according to the report.
Photo via Flickr/noahbulgaria
Queens residential boom
/www.qns.com
