50 The QUEE NS Courier • october 16, 2014 for breaking news visit www.queenscourier.com Report: Long Island City, Astoria rental prices fall, borough prices jump slightly BY LIAM LA GUERE lguerre@queenscourier.com/@liamlaguerre Prices are cooling off in the hot Long Island City rental market as values for studios, one- and twobedroom apartments have dropped considerably since May, according to the September Queens Rental Market Report by MNS Real Estate. Studio prices in the neighborhood have fallen for four consecutive months, from an average of $2,602 in May to $2,293 in September, the report found, while one-bedroom apartments dropped an average of $90 since May. Two-bedrooms in the neighborhood increased slightly in September, but still remain more than $235 less than May’s prices. The decrease in prices in the neighborhood are due to “a result of a maturing luxury rental market,” according to the report, which also pointed out that Long Island City still accounts for the highest average rents in the borough in all categories. Overall rent prices in Queens increased slightly at 0.63 percent to $2,047 in September from $2,034 in August, while apartment inventory also jumped seven percent to 631 units. However, Astoria, much like its neighbor on the waterfront, saw overall rent prices drop despite trending up in recent months. The overall average rents decreased 5.35 percent in the neighborhood during the month, the biggest decrease in Queens. Studios saw a notable drop in Astoria, falling 11.04 percent or $205 during the month from $1,860 in August to $1,655 in September. A surprising increase came to Rego Park, as studios in the neighborhood stopped months of falling and dramatically increased 17.67 percent to $1,559 in September. The increase, which was exclusive to studios in the neighborhood, is a result of new luxury developments, the study found. “A notable growth spurt continues to take place in Rego Park,” the report said. “This is the result of newly available units in high-end new developments and conversions led by The Contour at 97-45 Queens Blvd. and, more recently, The Rego Modern at 99-39 66th Ave.” The neighborhood with the largest decrease of the month is Flushing, where one-bedroom apartments saw a stark drop of 12.88 percent or more than $220 from $1,762 in August to $1,535 in September. Visit http://www.mns.com/queens_rental_market_ report to see the full report. Charts courtesy of MNS Real Estate Charts courtesy of MNS Real Estate VACANT LOTS OF PRIME BUILDABLE LAND IN LIC SELL FOR $44M BY LIAM LA GUERE lguerre@queenscourier.com @liamlaguerre Three vacant lots in Long Island City near Queens Plaza that have potential for major development sold for $44 million, according to city records filed Oct. 9. The seller is 42-26 28th St. LLC and the buyer is Eastern Star Development, city filings show. No new plans or permits to build have been filed yet for the lots, which are located on 42nd Road between 28th and 27th streets, but the property is surrounded by several tall buildings, such as the 22-story commercial glass building PropertyShark Bintner/Scott of courtesy Photo across the street at 42-01 28th St. and the 27-story residential tower adjacent to the lots at 42-25 27th St. Also, directly north of the vacant lots, Heatherwood Communities is building a 58-story skyscraper at 42-12 28th St., which will become the tallest residential tower in the borough. Excavation has mostly finished on that job, according to The Court Square Blog, and foundation work is beginning. The lots are zoned for mixed use so new developments could be a mixture of residential and commercial use. The combined size of the property is 13,500 square feet. And a five-story building on the property was demolished in 2007, according to building records.
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