24 FEBRUARY 18, 2021 RIDGEWOOD TIMES WWW.QNS.COM
REAL ESTATE
Rents keep falling as concessions continue to rise in NW Queens
BY JACOB KAYE
JKAYE@SCHNEPSMEDIA.COM
@QNS
As has been the trend for most of the past year,
rents in northwest Queens continued to fall
in January, according to a new report.
The net eff ective median rent in the northwest
part of the borough fell at its highest year-overyear
rate in more than four years in January 2021,
according to a report from real estate fi rm Douglas
Elliman.
The nearly 18 percent drop in the median rental
price marks the ninth straight month Queens saw
a decrease, the report said.
In January 2020, rental units were rented, on
average, for nearly $3,000 in northwest Queens.
Last month, units were rented for around $2,470,
according to the report.
The median price drop is accompanied by a rise
in monthly rental concessions and a spike in units
available on the market, compared to January
2020.
Landlords off ered concessions in northwest
Queens rose by nearly 90 percent last month when
compared to January 2020. There was also an increase
of around 30 percent in concessions when
compared to December 2020, the report found.
Among a host of factors contributing to the high
number of concessions and dropping prices, is the
sheer number of units available for rent in the
northwest part of the borough.
In January 2021, there were 574 units available
for rent, a 66 percent increase compared to January
of last year, according to the report.
Despite the increase in aff ordability, the market
is attracting an increased number of tenants.
Lease signings also saw a decline last month,
dropping by 4.5 percent year over year. The decline,
which began prior to the pandemic, marks the 17th
year over year decline in the past 18 months.
Ridgewood Times Sales Guide
RIDGEWOOD GLENDALE MASPETH MIDDLE VILLAGE
Forest Avenue
Listings selected at random. Courtesy MLS
Under $600,000
71-05 Fresh Pond Road, Unit A3D
$529,000
Condo
1 bedrooms, 1 bathrooms
Kaszuba Jaroslaw, Exit All Seasons
Realty
$600,000-$1,000,000
63-15 Forest Ave., Unit 2J
$869,000
Condo
3 bedrooms, 2 bathrooms
Malgorzata Zarska, Omega Realty
of Greenpoint LLC
Over $1,000,000
18-73 Greene Ave.
$1,249,000
Multi-Family
8 bedrooms, 4 bathrooms
Robert Napolitano, Capri Jet
Realty Corp
83rd Street 65th Street Penelope Avenue
Under $600,000
90-60 Union Tpke., Unit 4D
$375,000
Co-op
4 bedrooms, 2 bathrooms
Michal Marek, Sold By Bart R E
Partners Inc
$600,000-$1,000,000
77-32 83rd St.
$718,000
Colonial
3 bedrooms, 1 full and 1 half
bathrooms
John Lombardi, Crifasi Real Estate
Inc
Over $1,000,000
75-50 61st St.
$2,300,000
Multi-Family
8 bedrooms, 8 bathrooms
Paul Zhou, Keller Williams
Landmark II
Under $600,000
64-42 58th Road
$580,000
Ranch
2 bedrooms, 1 bathroom
Patricia America, Coldwell
Banker Realty
$600,000-$1,000,000
57-57 65th St.
$699,000
Colonial
3 bedrooms, 1 full and 1 half
bathroom
Carolyn DeFalco, Keller Williams
Realty Liberty
Over $1,000,000
53-121 63rd St.
$1,100,000
Single Family
3 bedrooms, 2 bathrooms
Bartosz Olszewski, Sold By Bart
R E Partners Inc
Under $600,000
72-52 Metropolitan Ave., Unit 3B
$515,000
Condo
2 bedrooms, 2 bathrooms
Andrew LaSala, Crifasi Real
Estate Inc
$600,000-$1,000,000
82-06 Penelope Ave.
$798,000
Two Story
3 bedrooms, 2 bathrooms
Louis Pastorini, Coldwel l
Banker Phillips
Over $1,000,000
63-54 82nd Place
$1,248,000
Colonial
4 bedrooms, 2 full and 1 half
bathrooms
Paul Hua, E Realty International
Corp
link
/WWW.QNS.COM
link
