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QC04212016

REAL ESTATE LIC condos are now more expensive than ones in Brooklyn: report BY ANGELA MATUA amatua@qns.com/@AngelaMatua Brooklyn’s high real estate prices have forced people to look for alternative Sales in Queens HOMES – CO-OPS – CONDOS Listings and photos courtesy MLSLI NORTHWEST NORTHEAST SOUTHWEST SOUTHEAST ASTORIA COLLEGE POINT SOUTH OZONE PARK PICTURED LISTING Under $400,000 35-55 29th St Apt 2H, Astoria $324,000 Condo 1 bedroom, 1 bath Douglas Perlson Realdirect Brokerage Services $400,000-$800,000 33-47 14 St Unit 2D, Long Island City $559,000 Co-op/ Condo 3 bedrooms, 1 full bath and 1 half bath Bianca Colasuonno Realty Executives Today Over $800,000 23-74 38th St Astoria $875,000 Single family Colonial 3 bedrooms, 2 baths Queens Home Team at Keller Williams Realty Keller Williams Landmark Ii Under $400,000 244-11 61 Ave Unit Lower Douglaston $299,000 Condo/ Co-op 3 bedrooms, 1 bath Changsoon An Re/Max Frontier $400,000-$800,000 120-19 9th Rd, College Point $749,000 Single family Colonial 3 bedrooms, 1 full bath and 1 half bath Wayne Rose Century Homes Realty Group Llc Over $800,000 2027 Whitestone Expy, Whitestone $1,288,000 Multi-family home Colonial 6 bedrooms, 3 full baths and 2 half baths Herb DeCordova Douglas Elliman Real Estate Under $400,000 88-08 151 Ave Unit 6D, Howard Beach $259,000 Condo 3 bedrooms, 1 full bath and 1 half bath Lorraine Trigo Keller Williams Realty Greater $400,000-$800,000 115-11 150 Ave., South Ozone Park $699,990 Single family Cape 4 bedrooms, 2 baths Rafi k Ahmad Elite Realty of USA Inc. Over $800,000 87-39 116th St., Richmond Hill $849,000 Multi family home Colonial 6 bedrooms, 1 bathroom Gladys Martinez Keller Williams Realty Liberty Under $400,000 220-11 101 Ave., Queens Village $359,900 Single family Colonial 4 bedrooms, 2 baths Thomas Gallagher Century 21 American Homes $400,000-$800,000 114-20 Colfax St., Cambria Heights $440,000 Single family Ranch 3 bedrooms, 2 baths Richard Gibbs Richard Gibbs Realty Over $800,000 180-36 80th Drive, Jamaica Estates $1,325,000 Single family Colonial 3 bedrooms, 2 full baths and 2 half baths Alexandra Babekov Julia Shildkret Real Estate housing options and for many, that meant making a move to the more affordable Queens. But a new study shows that at least one neighborhood in the “World’s Borough” has surpassed Brooklyn in terms of condo prices. Real estate fi rm Modern Spaces recently released its Quarter 1 2016 Market Report, which found that Long Island City condo prices have surpassed Brooklyn’s average price by 17 percent.The average price for a condo in the neighborhood is now $1,235,524, a 30 percent increase from last quarter and more than the $1,024,197 average price tag in Brooklyn. According to data compiled by Modern Spaces, the market has shifted from studios and one-bedroom apartments to accommodate more people in two- and three-bedroom apartments. Last quarter, two-bedroom apartments made up 30 percent of closings while this quarter, which spans from Jan. 1 to March 31, two-bedroom units made up 46 percent of closings. The price per square foot in twobedroom units has also increased from $991 last quarter to $1,116 in the fi rst quarter of 2016. The average price per foot is $1,308. The View, an 18-story luxury condo tower at 4630 Center Blvd., features the highest prices per foot in the market with $1,906. One- and two-bedroom walk-ups have slightly decreased from last quarter with average prices hitting $2,307 and $2,809, respectively. That trend is also refl ected in one- and twobedroom elevator rentals, which have decreased from $2,560 and $2,870 to $2,377 and $2,833 respectively. The report also outlines trends in the Astoria market, which has seen a shift from two- and three-bedroom units to mostly one-bedroom units sold this quarter. This translates to 45 percent one-bedroom units and 22 percent two-bedroom units last quarter to 70 percent one-bedroom and 7 percent two-bedroom units sold this quarter. The average rental rate in Astoria decreased this quarter from $3,131 to $2,717. Walk-up multi-family buildings, elevator multi-family buildings, offi ce buildings and residential development sites have all jumped in price per square foot this quarter. Mixeduse buildings have skyrocketed from $391.86 per square foot last quarter to $503.48 this quarter. “As predicted, the rental market is at the early stages of leveling out,” said Eric Benaim, CEO of Modern Spaces, in the report’s summary. “A strong condominium market and a sharp increase in demand for larger units sets a new tone for 2016.” Photo via Flickr/Gabe Shore Condo prices in Long Island City eclipse those of Brooklyn in the fi rst quarter of 2016. QUEENS VILLAGE


QC04212016
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