24 SEPTEMBER 17, 2020 RIDGEWOOD TIMES WWW.QNS.COM
REAL ESTATE
NW Queens sees record number of rental listings in August: Report
BY JACOB KAYE
JKAYE@SCHNEPSMEDIA.COM
@QNS
A record number of apartments
landed on the rental market in
August as new lease signings
continued to decline in northwest
Queens, according to a new report.
This past month, listing inventory
rose to the second-highest level recorded
by Douglas Elliman, the real
estate group that conducted the report.
Reaching 642 listings in northwest
Queens, the number of listings rose
by over 78 percent when compared to
August 2019, the report said.
For renters, this means “greater
aff ordability,” according to Jonathan
Miller, president and CEO of Miller
Samuel, the group who authored the
report.
“The market is continuing to weaken
by just about every metric that we
track,” Miller said. “The primary message
is greater aff ordability.”
And while there was no shortage
of available apartments in northwest
Queens, the number of new leases
signed continued to decline in August,
dropping 31.5 percent when compared
to August of last year, according to the
report. The decline marked the 13th
straight month new leases declined
year-over-year.
Net eff ective rent — a calculation
of the rent that takes landlord concessions
into account — also saw a drop in
August, the report found. The metric
fell by 8.5 percent, to $2,622, making
August the fourth straight month in
which the borough saw an annual
decline in net eff ective rent.
According to Miller, the continuation
of the declines in these metrics
suggests the rental market in northwest
Queens was experiencing issues
prior to the pandemic.
“The pandemic exacerbated what
was already becoming an issue, which
was aff ordability and excess supply,”
Miller said. “The market was already
seeing soft ness before the pandemic.”
Nonetheless, there is little doubt
that the COVID-19 pandemic aff ected
the northwest Queens real estate
market in a major way. Prior to the
pandemic, one of the Queens region’s
top selling point was its proximity to
midtown Manhattan. But as offi ces
were replaced by virtual meeting
spaces, including Zoom, being close
to Manhattan became less important.
“With the tether between work
and home getting infi nitely longer,
that premium becomes challenged,”
Miller said.
Queens wasn’t the only borough
to see a surge in listings in August.
In Brooklyn, the listing inventory
doubled when compared to August
2019 and in Manhattan saw the highest
number of listing inventory its seen in
the past 14 years, the report said.
Manhattan also saw a 23.7 percent
drop in new leases signed while the
number of new leases signed in Brooklyn
dropped by a little over 2 percent.
Ridgewood Times Sales Guide
RIDGEWOOD GLENDALE MASPETH MIDDLE VILLAGE
Linden Street
Listings selected at random. Courtesy MLS
Under $600,000
61-20 71st Ave., Unit D3A
$520,000
Condo
1 bedroom, 1 bathroom
Nathalie Jerez, ERA/Top Service
Realty Inc
$600,000-$1,000,000
1905 Putnam Ave., Unit 2L
$770,000
Condo
2 bedroom, 1 bathroom
Sylwia Anna Juras, Sold By Bart R
E Partners Inc
Over $1,000,000
61-62 Linden St.
$1,199,000
Townhouse
6 bedrooms, 3 bathrooms
Barbara E. Nowak, Charles Rutenberg
Realty Inc
Doran Avenue 66th Street 78th Street
Under $600,000
90-50 Union Tpke., Unit 20L
$435,000
Co-op
2 bedrooms, 1 bathroom
Brigid Marmorowski, Daniel Gale
Associates Inc
$600,000-$1,000,000
84-28 Doran Ave.
$649,000
Expanded Ranch
3 bedrooms, 1 full and 1 half
bathroom
Alex Baron, Keller Williams Rlty
Landmark
Over $1,000,000
79-78 77th Road
$1,700,000
Townhouse
7 bedrooms, 4 bathrooms
Eli Cordero, Canterbury Real
Estate Inc
Under $600,000
52-24 65 Place, Unit 1H
$310,000
Co-op
2 bedroom, 1 bathroom
Christine Arato, O Kane Realty
$600,000-$1,000,000
53-113 63rd St.
$749,000
Hi Ranch
3 bedrooms, 1 bathroom
Joanne Fiori, Realty Connect USA
LLC
Over $1,000,000
53-77 66th St.
$1,288,000
Colonial
4 bedroom, 3 bathrooms
Nora Avalos, NY Superior Realty
Under $600,000
66-83 70th St., Unit 2B
$515,000
Mid-rise
2 bedrooms, 1 bathroom
Agata Landa, Capri Jet Realty
Corp
$600,000-$1,000,000
60-14 78th St.
$749,000
Two Story
3 bedroom, 2 bathrooms
Andrew LaSala, Crifasi Real Estate
Inc
Over $1,000,000
59-37 56th Road
$1,699,000
Colonial
7 bedrooms, 2 bathrooms
Donna Demkowicz, Donna Demkowicz
R E Corp
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