22 AUGUST 20, 2020 RIDGEWOOD TIMES WWW.QNS.COM
REAL ESTATE
June marks full year of declines in new leases signed in NW Queens
BY JACOB KAYE
JKAYE@SCHNEPSMEDIA.COM
@QNS
Despite New York City’s gradual reopening over the past couple of months,
new lease signings in northwest Queens did not expand and rental price
trends continued to decline in June, according to a new report.
The number of new leases signed in northwest Queens continued to decline
in June 2020, according to a recent report from real estate company Douglas
Elliman. There were 159 new leases signed in June, down 59.5 percent from
the same period last year, the report found.
But the drop in new leases isn’t all pandemic related.
June’s decline in new leases marks a full year of year over year declines, according
to the report. Additionally, only 17 percent of the new leases signed
were for new developments, the lowest percentage of the market share in
three and a half years, according Douglas Elliman.
June also saw the largest year over year decline in median net effective
rent — a calculation of the rent that factors concessions made by landlords
— in the three and half years of tracking, the report states.
Despite the declines, it still appears to be a good time to be renter in neighborhoods
like Astoria, Long Island City, Sunnyside and Woodside.
The number of units available for rent is up by a little more than 69 percent
and the median rental price is down by a little more than 14 percent, meaning
renters have a larger selection of apartments to choose from and less
expensive options will likely be available, according to the report.
While the real estate market in northwest Queens seems to be a major
decline, some feel the downfall won’t last in the fall.
“I think we’ll see better results after Labor Day,” Steven James, president
and CEO of Douglas Elliman’s New York City operations, said in July. “I feel
there is probably a bit of pent-up demand.”
Ridgewood Times Sales Guide
RIDGEWOOD GLENDALE MASPETH MIDDLE VILLAGE
Forest Avenue
Listings selected at random. Courtesy MLS
Under $600,000
61-20 71st Ave., Unit D3A
$540,000
Condominium
3 bedrooms, 1 and 1 half
bathrooms
ERA/Top Service Realty Inc
$600,000-$1,000,000
63-15 Forest Ave., Unit 2J
$879,000
Condominium
3 bedrooms, 2 bathrooms
Malgorzata Zarska, Omega Realty
of Greenpoint LLC
Over $1,000,000
58-28 St. Felix Ave.
$1,089,000
Colonial
2 bedrooms, 1 and 1 half
bathrooms
Talaat Elkaray, Keller Williams
Landmark II
86th Street 53rd Avenue Penelope Avenue
Under $600,000
77-30 79th Pl.
$579,000
Semi Detached
3 bedrooms, 1 and 1 half
bathrooms
David Pastorini, Coldwell Banker
Phillips
$600,000-$1,000,000
78-16 86th St.
$929,000
Colonial
3 bedrooms, 2 and 1 half
bathrooms
Macaluso Realty
Over $1,000,000
65-13 Myrtle Ave.
$1,050,000
Single Family
5 bedrooms, 2 and 1 half
bathrooms
Miriam Vasquez, RE/MAX Team
Under $600,000
58-38 61st St.
$599,000
Colonial
3 bedrooms, 1 bathroom
Michelle O Kane, O Kane Realty
$600,000-$1,000,000
53-71 61st St.
$990,000
Ranch
2 bedrooms, 2 bathrooms
Oscar Cervone, Douglas Elliman
Real Estate
Over $1,000,000
66-12 53rd Ave.
$1,248,000
Colonial
4 bedrooms, 2 and 1 half
bathrooms
Shehriar Islam, Keller Williams
Points North
Under $600,000
65-54 79th Pl.
$595,000
Colonial
3 bedrooms, 1 bathroom
Eliot Hill Realty Inc
$600,000-$1,000,000
66-21 77th St.
$899,000
Colonial
4 bedrooms, 1 and 1 half
bathrooms
Joseph De Marco, Steps Realty
Assoc LLC
Over $1,000,000
82-46 Penelope Ave.
$1,099,000
Tudor
3 bedrooms, 2 and 1 half
bathrooms
Joseph Guidici, Century 21
Amiable Rlty Grp II
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