WWW.QNS.COM RIDGEWOOD TIMES MAY 2, 2019 35
REAL ESTATE
More luxury apts. in R’wood may spike rents again
BY EMILY DAVENPORT
EDAVENPORT@RIDGEWOODTIMES.COM
@RIDGEWOODTIMES
It’s no secret that Queens has
experienced increased rents over
the past couple of years. However,
one neighborhood in particular
has been experiencing rental price
declines this year.
A recent report from StreetEasy
found that Ridgewood was the only
Queens neighborhood that was
among the top 10 neighborhoods in
New York City where rents where
declining.
According to StreetEasy, rents
in central Queens (which includes
Ridgewood) saw some slight
increases in the first quarter of
2019 – the median asking rent in
central Queens was $2,100, marking
a 2.7 percent raise. And while rents
throughout the borough are steadily
increasing, StreetEasy found the
rents in the Ridgewood area are
going down.
In the first quarter of 2019,
Ridgewood saw a 2.2 percent
decrease year-over-year, bringing
the median rental price down to
$2,395. Compared to the first quarter
in 2017 and 2018, StreetEasy found
that of the apartments listed for rent
in 2019 so far, 59 percent were listed
for cheaper than in years prior.
A representative at StreetEasy
stated that one of the factors of
Ridgewood’s rental trends has to do
with inventory. Areas that StreetEasy
found to be more affordable, like
Ridgewood, have nearly double
the units relisting on the market
compared to neighborhoods where
rents are rising.
“Overall Ridgewood has gotten
busier on the rental side,” said
Andrew Barrocas, CEO of MNS Real
Estate. “We’re definitely seeing
more activity, more leasing prior
to becoming vacant. It feels a lot
stronger than last year.”
However, despite the recorded
declines in rent, the number of
luxury offerings in Ridgewood could
take the neighborhood in another
direction.
According to MNS Real Estate’s
findings, the low inventory paired
with the high influx of luxury rentals
coming to the area gave Ridgewood
a big boost in rental prices, raising
23.24 percent in average prices this
past March.
“Ridgewood is a great
neighborhood,” said Barrocas.
“While the luxury developments
drove neighborhoods like Long
Island City, Ridgewood was
well established before any
development took place. And since
the neighborhood already has the
necessities, it’s easier to attract that
type of renter.”
Read more at QNS.com.
Ridgewood Times Sales Guide
Listings selected at random. Courtesy MLS
RIDGEWOOD GLENDALE MASPETH MIDDLE VILLAGE
70th Avenue 79th Street 65th Street Caldwell Avenue
Under $600,000
63-34 Fresh Pond Road
$525,000
Condo
1 bedroom, 1 bathroom
Dominico Pedone
Concrete Jungle NYC Realty
$600,000-$1,000,000
72-60 61st Street
$949,000
Multi-family
5 bedrooms, 2 bathrooms
Dariusz Bunko
Winzone Realty Inc
Over $1,000,000
60-67 70th Avenue
$1,299,888
Multi-family
6 bedrooms, 2.5 bathrooms
Dominico Pedone
Concrete Jungle NYC Realty
Under $600,000
77-50 79th Street
$598,000
Single-family
2 bedrooms, 1 bathroom
Karen Dobrucky Skala
Prime Realty
$600,000-$1,000,000
71-31 66th Place
$889,000
Multi-family
7 bedrooms, 3 bathrooms
Ana Chan
Wagner & Kelly Inc
Over $1,000,000
68-28 65th Street
$1,399,000
Multi-family
6 bedrooms, 3 bathrooms
Rommel Vazquez
RE/MAX Team
Under $600,000
69-05 Caldwell Avenue
$599,999
Single-family
2 bedrooms, 2 bathrooms
Jonathan Talmi
Century Homes Realty Group
$600,000-$1,000,000
52-34 72nd Street
$820,000
Single-family
3 bedrooms, 2 bathrooms
George Torres
Core Realty Success
Over $1,000,000
57-21 65th Street
$1,100,000
Multi-family
5 bedrooms, 2.5 bathrooms
Frederic Sandy
Exit Realty One
Under $600,000
66-41 69th Street
$423,700
Condo
1 bedroom, 1 bathroom
Nora Avalos
NY Superior Realty
$600,000-$1,000,000
76-01 Caldwell Avenue
$879,000
Multi-family
3 bedrooms, 2 bathrooms
Marisa VanWinckle
NY Metro Realty Group Ltd
Over $1,000,000
66-01 70th Street
$1,275,000
Multi-family
4 bedrooms, 2.5 bathrooms
Jacinto ChuaTower 88 Inc
/QNS.com
/WWW.QNS.COM
link
link
