REAL ESTATE Buildings Department authorized nearly 4,900 Queens units in 2014: report BY LIAM LA GUERRE approved 3,161 units, according to a New York Overall, the city is continuing to see a gain in [email protected]/@LiamLaGuerre Building Congress analysis released on March 26. An approved units. The Department of Buildings authorized average of 11 units per building will be constructed 20,329 residential units in 1,513 buildings last The Queens building boom is continuing to gain in the approved projects. year citywide, the analysis found, which marks the steam, according to a new report. Despite the increase, the borough remained in third fi fth straight year that the number of approved units The Department of Buildings authorized about place, behind Manhattan, which had 5,281 units has increased. 4,900 units in 448 buildings in Queens last year, a approved and Brooklyn, which won fi rst place for the It is also up 241 percent from a post-recession low 64 percent jump from 2013 when the department third consecutive year, with 7,551 units. of 5,953 units in 2009. THE COURIER/Photo by Liam La Guerre Flushing real estate seeking new heights Photo courtesy of PropertyShark/Scott Bintner 142-26 Roosevelt Ave. BY STEPHEN R. PREUSS [email protected] Last year showed us record-breaking pricing of development sites in the Flushing area. This year has taken those numbers upwards and has even left real estate professionals scratching their heads. The average price per buildable square foot in the fourth quarter of 2014 throughout the city was approximately $303, which is 52 percent higher than the same period last year. Since the start of 2015, we have seen multiple properties sell at more than $300 per buildable square foot. Just this past February we sold a development site at 142-26 Roosevelt Ave., a prime location in downtown Flushing. The property offered 21,060 buildable square feet and sold at $322.89 per buildable square foot. Recently we have received several calls from appraisers trying to make sense of these prices where capitalization rates and price per square foot do not make fi nancial sense. The interest from foreign buyers has kept the interest in an upswing and has since resulted in sale prices comparable to those in Manhattan. Multiple properties especially on Northern Boulevard have sold for above average pricing, and most properties have a retail component with development potential. For example, 138-12 Northern Blvd. in Flushing sold at $341.27 per buildable square foot. The property consisted of a four-unit retail strip, but allowed for an additional 20,000 buildable square feet to be developed on site. We have been seeing an exponential amount of interest in development since 2012 and expect the remainder of this year to follow suit.
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