28 The QUEE NS Courier • business • july 18, 2013 for breaking news visit www.queenscourier.com business ▶ QUENS IS HOT Real estate boro boom BY ANGY ALTAMIRANO firstname.lastname@example.org Queens has become the place to be. According to brokers and realtors, the borough’s rental market prices have seen a record increase in the past year as more people are making the decision to move out of Brooklyn and Manhattan. “Many people are being priced out of Brooklyn,” said Jonathan Miller, president of Miller Samuel Real Estate Appraisers & Consultants. “One of the byproducts is the shifting demand to the other boroughs – with Queens being a key beneficiary.” According to Zillow, a home and real estate online marketplace, the median rental price in Manhattan is $2,800 and Brooklyn in $2,150, while in Queens it is $1,700. Miller said the push to the outer boroughs comes from three key drivers. For one, it has become harder to qualify for the type of credit for taking out a mortgage. Further, rising employment in the city has seen almost immediate responses from the rental market. Lastly, there is the never-ending search for affordability. With new apartment buildings going up on the waterfront, Astoria and Long Island City have become the most expensive areas in the borough. According to Zumper, an apartment rental online source, prices in those two areas range from $1,550 for a one-bedroom near the Grand Central Parkway to $4,295 for a two-bedroom by the waterfront. According to Chris Georgakopoulos, a realtor for Beaudoin Realty Group, the high prices in Astoria and Long Island City have some renters traveling deeper into Queens. “People are being priced out of Brooklyn and they try to come into Long Island City but the prices are high there and they sort of backtrack into the parts outside of Long Island City,” she said. Georgakopoulos added there are high demands for larger units of two- to three-bedrooms, but there are not enough of them to feed demand. She still believes the area is relatively affordable, pointing out it is just a 20-minute train ride from Midtown to boot. According to Zumper, prices in Jackson Heights and Corona range from $1,200 to $1,495. Other popular areas in the borough are Bayside and Flushing, where prices range from $1,300 for a studio to $2,150 for a two bedroom. “If you compare the prices that you pay in Manhattan to what you pay in northeastern Queens, it is worth the travel. It’s an extra 10 minutes and you are saving 50 percent on your rent,” said Anthony Carollo, broker and owner of Carollo Real Estate. “You get the amenities of a suburb and the same travel capacity as living in the city.” According to the realtors and brokers, the rental market trend does not look like it will be going down anytime soon, with prices in Queens staying elevated — and even with some room for growth. “This general trend has been in the last two years, but has become more apparent in the last year,” said Miller. “It doesn’t appear that we are trending away from this.” SUMMIT HELPS INFORM SMALL BIZ OWNERS BY JOHAN HAMILTON email@example.com Local entrepreneurs were able to get some vital information on running their businesses thanks to Congressmember Grace Meng. Meng’s small business summit, held at the Flushing Library, was designed to help business owners and other interested parties learn more about the responsibilities of owning a business and get them acquainted with some of the organizations created to help them. “Most of the businesses in Queens are small businesses, and there are many resources available to them that they may not know about” said Meng’s spokesperson, Jordan Goldes. “So hopefully after this event, they’ll all walk out with a better understanding and more knowledge of those resources.” The summit also featured a panel discussion moderated by Joyce Moy, executive director of the Asian American/Asian Research Institute. The panel included representatives from the U.S. Department of Labor and Small Business Administration as well as the city’s Department of Health and Mental Hygiene and Sanitation Department. Audience members had the opportunity to ask the panel questions afterwards. “I’m thinking of opening my own bath and body store as soon as I get the start-up money,” said Flushing resident Liqiu Wang. “So events like this are good for me because I don’t really know much about starting a business.” Meng told the audience that people in Wang’s position are exactly why these kinds of summits need to take place. “Small businesses are what drive the economy in Queens, New York City and the entire nation,” she said. “We must do whatever we can to ensure that they have all tools they need to succeed, which is why attending this summit is a must for local entrepreneurs and small business owners.” THE COURIER/Photos by Mike DiBartolomeo Jet Thomason, co-owner of Ice Riders; Chelsea Barker; David Burdick, co-owner of Ice Riders; Mike Cao, resident of TF Cornerstone building; and Irene Malatesta, Project Manager at TF Cornerstone. TF Cornerstone ‘tops off’ TF Cornerstone, in celebration of its newest LIC milestone – 46-10 Center Boulevard -- hosted a “Topping Out Block Party” on Friday, July 12. Residents were treated to food, fun and treats galore. Leonardo, Sr.; four-year-old Leonardo, Jr. and mom, Michelle Garcia. Sarah Rinaldi of Citibabes paints pink flowers on the arm of threeyear old Ava Austad.
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