WWW.QNS.COM RIDGEWOOD TIMES JULY 25, 2019 31
REAL ESTATE
Three Queens neighborhoods maintain rising condo and apartment prices in the second quarter of 2019
BY EMILY DAVENPORT
EDAVENPORT@QNS.COM
@RIDGEWOODTIMES
A new report found that
the western Queens area
is continuing to see new
development and rising rental prices.
Modern Spaces recently released
their Long Island City, Astoria, and
Greater Queens Market Report for
the second quarter of 2019. The report
examines real estate trends for condos
in Long Island City, Astoria and Flushing
from April through June 2019.
According to their fi ndings, the Long
Island City market continued to lead
the way for new developments. While
the on the market prices of condos
saw a 9 percent increase compared to
the fi rst quarter of 2019, closed prices
saw a 4 percent decrease year-overyear.
However, the price per square
foot on closed new development saw
a 5 percent decrease year-over-year
while closed unit volume decreased 35
percent year-over-year.
Compared to Q1-2019, Long Island
City saw an 11 percent in in the price
per foot of units in contract in the
second quarter. According to Modern
Spaces, this shows that the demand in
Long Island City is remaining high for
condo-buyers.
Long Island City’s rental market also
shows no signs of slowing down: net
rents rose 15 percent year-over-year,
and average net price per foot increased
9 percent this quarter. Once again,
Hunters Point had the highest overall
rent this quarter at a price of $9,500 and
made up 51 percent of all rented units.
In Astoria, the price of closed units
saw a 4 percent decrease compared to
the last quarter. Net price per foot of
condos on the market in Astoria saw
a 8 percent increase this quarter, but
decreased 7 percent on closed units.
One-bedroom condos had the highest
amount on the market and in contract
(making up 53 percent overall), and
Modern Spaces says that this shows
that Astoria is still attracting more
fi rst-time homebuyers.
Astoria’s rental market saw that the
Gantry Plaza State Park in Long Island City, Queens
price for average overall square feet
increased by 20 percent year-overyear.
Net price per foot in Astoria saw
an 18 percent increase year-over-year
and 9 percent increase in net rent.
Rental volume of units saw a whopping
50 percent increase this quarter.
According to Modern Spaces,
Flushing’s market in the second
quarter continued to be boosted by
new development making up the
majority of closed condo sales in the
neighborhood. While the volume
of closed units increased 30 percent
since the fi rst quarter, the overall on
the market prices and closing prices
for condos decreased 4 percent and
7 percent, respectively, since the last
quarter.
Ridgewood Times Sales Guide
Listings selected at random. Courtesy MLS
LOCATION LOCATION LOCATION LOCATION
Madison Avenue 71st Place 72nd Street 80th Street
Under $600,000
63-16 Forest Avenue
$520,000
Condo
2 bedrooms, 2 bathrooms
Joe Hasselt
Joe T. Hasselt, Realtor
$600,000-$1,000,000
6455 Madison St.
$865,000
2-story, 2-family
3 bedrooms, 2 bathrooms
Nicholas Oliver
HomeDax Real Estate LLC
Over $1,000,000
59-12 Putnam Avenue
$1,200,000
Colonial, 2-family
5 bedrooms, 3 bathrooms
Jorge Navas
Winzone Realty Inc.
Under $600,000
70-33 65th St.
$579,000
2-story
3 bedrooms, 1 bathroom
Gabriele Kapp
Werba Realty LLC
$600,000-$1,000,000
70-26 71st Pl.
$808,000
2-story, 2-family
5 bedrooms, 3 bathrooms
Louis Pastorini
Coldwell Banker Phillips
Over $1,000,000
70-32 70th Street
$1,450,000
Colonial, Two families
5 bedrooms, 4 bathrooms
Ronald Ferrara
Keller Williams Landmark II
Under $600,000
62-19 53rd Dr.
$325,000
Co-op
2 bedrooms, 1 bathroom
Maryanna Zero
Home Hunters Real Estate
$600,000-$1,000,000
53-144 63rd St.
$779,000
Colonial
3 bedrooms, 1 bathroom
Joseph Abramaitis
O’Kane Realty
Over $1,000,000
53-60 72nd St.
$1,089,000
Townhouse
4 bedrooms, 2 bathrooms
Erika Demkowicz
Donna Demkowicz Real Estate Corp.
Under $600,000
57-45 74th Street
$399,000
Condo
1 bedroom, 1 bathroom
Jimmy Liu
Century 21 Sunshine Realty
$600,000-$1,000,000
65-22 80th St.
$968,000
2-story, 2-family
6 bedrooms, 2 full and 1 half
bathrooms
Frank Zolcinski
Oxford Property Group USA
Over $1,000,000
58-10 76th Street
$1,459,999
Two–Story, Two families
6 bedrooms, 4 bathrooms
Christopher Espinal
Douglas Elliman Real Estate
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