Real Estate
LIC had the most new development sales
in Queens last quarter
BY EMILY DAVENPORT
A recent report took a look at what trends the new development market
had in Queens in 2019’s third quarter.
MNS Real Estate recently released their Third Quarter New De-velopment
Report for Queens. According to their findings, Queens
saw 106 new development sponsor sales this quarter, marking a 65.6 percent
increase from last quarter’s 64 sales.
The borough’s total new development sales volume rose from $52,718,756
to $97,728,773 quarter-to-quarter, marking an 85.4 percent increase. While
Queens’ median sales price saw a 6.5 percent decrease year-over-year, the
prices saw a 7.5 percent increase quarter-to-quarter. The median price per
square foot also saw increases, raising 18.9 percent quarter-to-quarter and
7.9 percent year-over-year.
Long Island City saw the most new development sales, encompassing
68.9 percent of the borough’s sales. The neighborhood’s new development
at 22-18 Jackson Ave. 1002 had the borough’s highest new development
sale at $2,360,000 as well as the highest price per square foot at $1,540
per square foot.
The neighborhood with the largest sales upswing this quarter was Rego Park,
which saw the median sales price increasing from $634,370 to $705,593,
16 NOVEMBER 2019 I LIC COURIER I www.qns.com
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and the price per square foot rising from $775 per square foot to $846 per
square foot. The largest quarterly downswing took place in Astoria last quarter,
with the median sales price decreasing from $631,000 to $555,000 and the
price per square foot dropping from $1,097 to $1,055.
Read the full report at mns.com/queens_new_dev_report.
/www.qns.com
/www.qns.com
/queens_new_dev_report
