24 AUGUST 19, 2021 RIDGEWOOD TIMES WWW.QNS.COM
Northwest Queens sees record increase in new leases
Under $600,000
1714 Palmetto St., APT 2L
$500,000
Co-op
2 bedrooms, 1 bathroom
Zillow
$600,000-$1,000,000
311 St Nicholas Ave., Unit 3C
$6730,000
Condo
2 bedrooms, 2 bathrooms
Ming Zhu, E Realty International
Corp
Over $1,000,000
1878 Madison St.
$1,475,000
Multi-Family
18 bedrooms, 6 bathrooms
Jovica Galic, Prime Realty
Under $600,000
9050 Union Tpke. Unit 8G
$509,999
Co-op
3 bedrooms, 1 bathroom
Giovanni Pedone and Dominico
Pedone, Concrete Jungle NYC Realty
$600,000-$1,000,000
88-16 75th Ave.
$739,000
Single-Family
2 bedrooms, 1 1/2 bathrooms
John Amore, Prime Realty
Over $1,000,000
7846 79th Place
$1,189,999
Multi-Family
5 bedrooms, 4 bathrooms
Astrid Corrales, Winzone Realty
Inc
Under $600,000
52-54 65th Place, Unit 5N
$309,500
Co-op
2 bedrooms, 1 bathroom
Jordan Donner, Landmark International
R E LLC
$700,000-$1,000,000
53-04 62nd St.
$839,000
Single Family
3 bedrooms, 2 bathrooms
Christine Biordi, EXIT Realty
Premier
Over $1,000,000
68-49 Jay Ave.
$1,150,000
Single Family
2 bedrooms, 1 1/2 bathrooms
Joseph Abramaitis, O Kane Realty
Under $600,000
72-52 Metropolitan Ave., Unit 3B
$499,000
Condo
2 bedrooms, 2 bathrooms
Andrew LaSala, Crifasi Real Estate
Inc
$600,000-$1,000,000
77-14 66th Road
$808,000
Single-Family
3 bedrooms, 1 1/2 bathrooms
Louis Pastorini, Coldwell Banker
Phillips
Over $1,000,000
58-45 80th St.
$1,150,000
Multi-Family
3 bedrooms, 2 1/2 bathrooms
Elise Pellegrino Koenig, Donna
Demkowicz R E Corp
REAL ESTATE
BY ANGÉLICA ACEVEDO
AACEVEDO@SCHNEPSMEDIA.COM
@QNS
Northwest Queens saw more
new leases signed in July 2021
in more than a decade — but
median rent rose annually for the fi rst
time since the peak of COVID-19 — according
to a new report.
The number of new leases in July
2021 surged more than 150 percent
from the same period in 2020, according
to a report by Douglas Elliman real
estate agency. The agency included the
northwest Queens neighborhoods of
Long Island City, Astoria, Sunnyside
and Woodside.
However, lease signings fell by more
than 16 percent from June to July. The
amount of landlord concessions also
fell by nearly a third since peaking
in January, according to the Douglas
Elliman report, which also noted that
the market’s intensity is easing, even
though there is a high transaction
volume that is slightly making up for
the market’s recent lull.
Listing inventory in northwest
Queens has dropped by nearly 49
percent from its January peak, and
was down by 0.7 percent from June
(2,567) to July (2,548).
The report noted thatlower demand
diminished the market’s ability to absorb
listing inventory.
As a result, net eff ective median rent
rose by nearly 9 percent from June
($2,507) to July ($2,680). Median rent
rose by nearly 11 percent from July
2020 ($2,424) to July 2021 — the fi rst
annual gain since April 2020.
Compared to the same period two
years ago, prior to the COVID-19 pandemic,
the net eff ective median rent is
down by 5.5 percent.
Queens trends were similar to those
of Manhattan and Brooklyn — as there
were more new leases signed compared
to any other July in more than a
decade, rental price trends are moving
back to pre-COVID pandemic levels.
Ridgewood Times Sales Guide
Listings selected at random. Courtesy MLS
RIDGEWOOD GLENDALE MASPETH MIDDLE VILLAGE
Madison Street 75th Avenue 62nd Street 66th Road
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