28 SEPTEMBER 23, 2021 RIDGEWOOD TIMES WWW.QNS.COM
REAL ESTATE
Queens is fi rst to have real estate market reach pre-pandemic levels
BY KAYLA WONG
EDITORIAL@QNS.COM
@QNS
As real estate markets around
the city begin to recover from
the pandemic, new data from
StreetEasy shows that the Queens real
estate market is making the fastest recovery
throughout New York City aft er
a COVID-related downturn last year.
According to the report, the highestpriced
tier of rentals in Queens has
already recovered to pre-pandemic
levels.
Queens was the fi rst of any borough
in StreetEasy’s analysis to see highend
rents — or rentals above $2,500
— recover to 99 percent of their prepandemic
highs.
This signals that renters are searching
for an alternative to typically
pricier rents in Brooklyn and Manhattan
and are heading to Queens, driving
up demand, according to Nancy Wu, an
economist with StreetEasy.
“There is a sweet spot in the market
right now for more expensive places,
but what’s interesting is that while
there is a high demand, there is supply
actually meeting it,” Wu said.
“There is an increase in construction
throughout Queens, such as in Long
Island City, to meet these demands,
while landlords of luxury buildings
in Queens are raising prices.”
According to data from ApartmentList,
median rent on a one-bedroom
apartment in Queens only increased
0.6 percent from August 2020
to August 2021, compared to nearly
11 percent and 14 percent increase in
Brooklyn and Manhattan, respectively.
Anticipating this demand, landlords of
luxury buildings in Queens are raising
prices.
Unlike Manhattan and Brooklyn,
Queens home prices didn’t fall during
the pandemic — the borough merely
saw a temporary pause in home sales.
In Manhattan and Brooklyn, prices
have been falling all throughout last
year, a trend that started even before
the pandemic.
Moreover, Queens’ pandemic-related
lull has already started its recovery.
Prices are beginning to grow in all segments
except for the most aff ordable
homes.
Prices for the most expensive homes
in Queens fell by nearly 5 percent between
March 2020 and March 2021, after
growing for the past several years.
But they have now begun to rise again,
which Wu says is a sign of buyers coming
from more expensive areas of the
city, such as Manhattan and Brooklyn.
Meanwhile, the borough’s least expensive
and mid-tier homes still have
a long way to go before rents return to
pre-pandemic levels, which is welcome
news for homebuyers and renters worried
about aff ordability.
Read more on QNS.com.
Ridgewood Times Sales Guide
RIDGEWOOD GLENDALE MASPETH MIDDLE VILLAGE
Norman Street
Listings selected at random. Courtesy MLS
Under $600,000
63-34 Fresh Pond Road, Unit 2G
$499,000
Condo
1 bedroom, 1 bathroom
Linda Gurino, ALG NY Management,
LLC.
$600,000-$1,000,000
16-70 Norman St. Unit 3F
$619,000
Condo
2 bedrooms, 1 bathroom
Eva Ma and Yu Cheng Hsu, B
Square Realty Inc.
Over $1,000,000
20-34 Greene Ave.
$1,698,000
Multi Family
9 bedrooms, 2 full and 1 half
bathrooms
Ji Ming Qiu, Prime America Real
Estate Inc.
78th Avenue 55th Avenue 66th Road
Under $600,000
90-60 Union Turnpike, Unit 20C
$419,000
Condo
2 bedrooms, 1 bathroom
Deborah Berman, Charles Rutenberg
Realty, Inc.
$600,000-$1,000,000
69-35 68th St.
$764,000
Multi Family
2 bedrooms, 2 bathrooms
Ahmed Duraliev and Sonia Juran
Kulesza, Werba Realty LLC
Over $1,000,000
88-13 78th Ave.
$1,199,000
Single Family
3 bedrooms, 1 full and 2 half
bathrooms
Louis Pastorini, Coldwell Banker
Phillips
Under $600,000
52-21 65 Place, Unit 6K
$335,000
Mid Rise
1 bedroom, 1 bathroom
Elisa Bonavita and John Pierre
Morales, Daniel Gale Real Estate
$600,000-$1,000,000
64-10 55th Ave.
$895,000
Single Family
3 bedrooms, 1 full and 2 half
bathrooms
Michal Marek and Bartosz
Olszewski, Bart R E Partners Inc.
Over $1,000,000
61-25 56th Ave.
$1,488,000
Multi Family
6 bedrooms and 5 bathrooms
Louis Campione, Campione
Realty
Under $600,000
66-45 69th St., Unit 8
$399,000
Condo
1 bedroom, 1 bathroom
Michal Marek and Bartosz
Olszewski, Bart R E Partners Inc.
$600,000-$1,000,000
77-14 66th Road
$808,000
Single Family
3 bedrooms, 1 full and 1 half
bathroom
Louis Pastorini, Coldwell Banker
Phillips
Over $1,000,000
72-22 66th Road
$1,380,000
Multi Family
4 bedrooms, 3 bathrooms
Yixiong Zheng, RE/MAX Team
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