FOR BREAKING NEWS VISIT www.queenscourier.com APRIL 16, 2015 • REAL ESTATE • THE QUEENS COURIER 45 real estate GOT A HOT REAL ESTATE STORY IN QUEENS? Contact Liam La Guerre Real Estate Editor EMAIL: lguerre@queenscourier.com TWITTER: @liamlaguerre Row of buildings sells for nearly $7M in hot Ridgewood market BY LIAM LA GUERRE lguerre@queenscourier.com/@LiamLaGuerre An assemblage of four contiguous buildings was sold in Ridgewood for $6.75 million as the heated Ridgewood market continues to see more interest. The buildings, 56-48 through 56-54 Myrtle Ave., are all three-story, mixed-use attached properties with 17,645 square feet of space, and located just a few blocks away from the Myrtle-Wyckoff Avenues L/M subway station. There are eight residential apartments in the buildings, and two retail stores on the ground fl oor. A Cushman & Wakefi eld team of Thomas Donovan, Tommy Lin, Eugene Kim and Robert Rappa combined to represent the seller in the transaction. “These properties are ideally located in the heart of Ridgewood, currently one of the most in-demand neighborhoods in Queens,” Donovan said. “We were able to utilize our proven marketing process and leverage the tremendous interest in Ridgewood to achieve the full asking price for our client.” Recently, a Ridgewood apartment building at 71-13 60th Lane sold for $21 million, which was more than double its last sale price in 2012, when the former owner paid $8.6 million for it. The increase in prices refl ects how real estate investors are looking at the neighborhood. Jamaica revitalization to benefi t from state Brownfi eld Opportunity Area designation BY LIAM LA GUERRE lguerre@queenscourier.com/@LiamLaGuerre In a sign that the state is looking to help spur Jamaica’s revitalization, 132 acres near the LIRR and JFK AirTrain transit hub have been designated as a Brownfi eld Opportunity Area, meaning development projects there could receive public funds. Gov. Andrew Cuomo announced the designation on April 9 along with 11 others at sites around the state. The Brownfi eld Opportunity Area Program is a state initiative that seeks to transform potentially contaminated or polluted places to better utilized areas. The downtown Jamaica area has 224 potential brownfi eld sites near the rail station. Being located in the newly designated area now gives property owners and developers access to Brownfi eld Cleanup Program tax incentives and they have priority to state grants for projects. “By designating these sites as Brownfi eld Opportunity Areas, we are helping to reimagine their potential as vibrant parts of the surrounding communities,” Cuomo said. “This distinction allows us to put their rehabilitation on the fast track with additional state resources, and that means new development, jobs and opportunities in the future.” Downtown Jamaica, especially near the transit hub area, has seen a lot of real estate development action recently as the market is heating up. Huge projects, including a 210-room, 24-story hotel nearby the LIRR and AirTrain station at 93-43 Sutphin Blvd. and a $225 million mixed-use, 29-story residential and commercial tower at 93-01 Sutphin Blvd., are coming to the area soon. Also, massive properties were sold or listed in downtown Jamaica recently, including a 90,000-square-foot building and parking garage at 163-05 and 163-25 Archer Ave. that sold for $22 million in October last year. THE COURIER/Photo by Liam La Guerre Downtown Jamaica near the JFK AirTrain station. Photo courtesy of MNS Real Estate A room in 26-14 Jackson Ave. REPORT: Queens rental inventory and prices steadily rising BY LIAM LA GUERRE lguerre@queenscourier.com/@LiamLaGuerre While it’s nowhere near the levels of Manhattan or Brooklyn, the amount of available rental apartments in Queens is steadily rising, and prices are trending upwards as well. From February to March the rental inventory rose 6.59 percent to 889 apartments available throughout the borough, according to the MNS Real Estate’s March Queens Rental Market Report. This marks the second consecutive monthly increase. Additionally, since MNS has been tracking the Queens rental market in August 2014, the borough’s inventory climbed from just 592 apartments. The borough’s real estate boom is driven by popular neighborhoods, such as Long Island City and Astoria, and MNS CEO Andrew Barrocas said the inventory will continue to increase because demand is high in Queens and developers are bringing more projects here. When inventory rises, normally prices fall, but that may not be the case long term in the Queens rental market because of the high demand, Barrocas said. “Traditionally it does fall,” Barrocas said, “but I think certain markets fl ourish when more inventory comes.” Barrocas pointed to Long Island City, where the demand to move into the area has caused increased creation of new amenities, such as dinning and retail options, further pushing up values in the neighborhood. The most expensive rents in the borough are, of course, in Long Island City. March rents in LIC averaged $2,385, $2,932 and $4,091 per month for studios, one-bedrooms and two-bedrooms respectively, according to the report. But only studios in the neighborhood saw a monthly increase in March.
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