FOR BREAKING NEWS VISIT WWW.QNS.COM JANUARY 26, 2017 • THE QUEENS COURIER 11 Rents stabilize in Astoria & LIC, but spikes loom in Queens BY ANGELA MATUA [email protected]/@ AngelaMatua A report released by Modern Spaces found that the average condo price in Long Island City has seen a large increase in the past year, but that the rental market will continue to stabilize as more units are introduced in the market. The Orange Report examines the real estate market primarily in Long Island City and Astoria and the changes in prices in the condo and rental markets. The average condo price in Long Island City has increased 25 percent from 2015 to 2016, according to the report. The average price for a one-bedroom condo during the fourth quarter of 2016 was $881,608 while the price during the same time in 2015 was $782,976. The average price per square foot in the condo market has also continuously increased since 2013. Currently, the average price per square foot for a condo in the neighborhood is $1,122. Long Island City’s rental market has seen a decrease in average price per square foot. Arlinda Dine, executive director of marketing at Modern Spaces, told QNS in October that rental prices in the neighborhood would stabilize soon as about 20,000 rentals come to the market in the near future. She also predicted that Astoria’s condo market would continue to grow and since last quarter the average price per square foot in Astoria has risen 11 percent, though that number is mostly attributed to The Marx Condominium. Rental rates in Astoria have not seen a huge shift. According to the report’s Astoria Rental Snapshot, the average rental price rose from $2,446 last quarter to $2,565 in the fourth quarter of 2016. During the fourth quarter of 2015, the average rental While rental prices in Astoria and Long Island City are stabilizing, people are looking to places like Sunnyside and Rego Park for more affordable housing. price was $3,131. Modern Spaces predicts that prices in “emerging markets” such as Flushing, Jackson Heig hts, Woodside, Sunnyside and R ego Park will continue to rise as people are priced out of other neighborhoods. In a chart comparing the average price for a studio in some of these neighborhoods, Long Island City and Astoria were unsurprisingly the most expensive. The average price for a studio in Sunnyside is $1,644 and in Rego Park that price is $1,572. In Long Island City, the average rental price for a studio is almost Photo courtesy of Shutterstock double at $2,407. “We predict that prices in these areas will continually increase as developments rise and the market strengthens,” said Eric Benaim, president and founder of Modern Spaces. Visit ModernSpacesNYC.com to view the full report. Great rates like ours are always in season. 1.10% 7-Month CD APY1 $5,000 minimum deposit 1.25% 13-Month CD APY1 $5,000 minimum deposit To qualify you must open a Flushing Bank Complete Checking Plus account. Get the complete access and control you desire with a competitive interest rate and banking on-the-go with our Flushing Bank Mobile2 app. For more information and to find out about our other great offers, visit your local Flushing Bank branch, call 800.581.2889 or visit www.FlushingBank.com. Small enough to know you. Large enough to help you. 1 New money only. APY effective January 19, 2017. Annual percentage yield assumes principal and interest remain on deposit for a full year at current rate. Minimum deposit balance of $5,000 is required. Funds cannot be transferred from an existing Flushing Bank account. Premature withdrawals may be subject to bank and IRS penalties. Rates and offer are subject to change without notice. A new Complete Checking Plus account with a $5,000 minimum initial deposit is required to receive the CD with the advertised rate. Certain fees and restrictions may apply. For new IRA and rollover accounts, the minimum deposit balance is $5,000. A new checking account is not required for IRA accounts. Speak with a Flushing Bank representative for more details. 2 Flushing Bank Mobile Banking is available to all Flushing Bank online banking users. Flushing Bank is a registered trademark
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