Andrew Barrocas, CEO of
MNS Real Estate, believes that
the increased development
in Flushing and Jamaica can
prove to be good for the neighborhoods.
“If you look at new development,
they benefit from more
development,” said Barrocas.
“Some people would think that
creating competition would but
what we see is that it helps one
another. With more development
comes more retail, which
can lead to more foot traffic
and diversity. You’re going to
see them all benefit from each
other. That’s what makes New
York the special place that it is
– the diversity of these well established
neighborhoods.”
But what do these latest
developments in Jamaica
and Flushing mean for the
rest of Queens?
According to Donna Rubertone,
manager of Daniel Gale
Sotheby’s International Realty’s
Bayside-Flushing office
and Astoria-Long Island City
office, the market in Queens as
a whole is seeing a shift, mostly
in a positive direction.
“What we’re seeing is a shift
in the market. We’re starting to
see inventory building up, days
on market increasing, pricing
is good,” said Rubertone. “The
market is more balanced right
now. Ten years ago we were
coming out of the financial crisis,
but in the last year we’ve
seen a shift from a sellers market
to a buyers market.”
Like much of New York,
Queens was hit hard during the
financial crisis in 2008, and according
to Wu, had a slower recovery
from the recession than
Manhattan and Brooklyn. However,
since 2016, the rate of price
growth in Queens began to surpass
that of the other boroughs,
with price levels at $518,000 in
the first quarter of this 2019,
compared to Manhattan’s $1.1
million and Brooklyn’s $712,000.
“Price growth in Queens
can be attributed to high demand
for homes in the borough,”
said Wu. “Home shoppers
in the borough continue
to find great value relative to
Manhattan and Brooklyn, and
have an expanding number of
options from which to choose
right now. As the number of
A rendering of the Tangram development at 37-09 College Point Blvd. in Flushing Rendering courtesy of Tangram
new buildings in these areas
continues to climb and more
homes become available, sellers
will have to work harder
to make their homes stand out,
while buyers can afford to be
picky and patient, and negotiate
before putting in an offer.”
Rubertone agrees, stating
that buyers should jump on the
chance to buy now while they
still can.
“This is a great time for
buyers, it’s a good time to
pick something up,” said Rubertone.
“We still are making
sales, however buyers are more
particular about pricing. They
don’t want to over-buy.”
Many fear that with the increase
in developments could
lead to being priced out of
Queens entirely. However, Barrocas
believes that the city is
doing what it can to keep itself
affordable.
“Rental pricing is less in Jamaica
and Flushing, so it will
keep expanding outward,” said
Barrocas. “The city is doing in
its power to be affordable, and
new construction take advantage
of it. Having an affordable
option is advantageous, it creates
more affordable options
and helps preserve these neighborhoods.”
A rendering of the 17-story, mixed-use residential development to be constructed
at the former site of the landmark RKO Keith’s Theater in Flushing.
Rendering courtesy of Madison Capital Realty
2019 QUEENS TOMORROW 15