32 OCTOBER 25, 2018 RIDGEWOOD TIMES WWW.QNS.COM
REAL ESTATE
Sales of multi-family homes across Queens dropped in last three months
Photo via Wikimedia Commons/Jleon
Ridgewood Times Sales Guide
Listings selected at random. Courtesy MLS
RIDGEWOOD
Under $600,000
67-20 65th Pl., Ridgewood
$599,000
Colonial
3 bedrooms, 2 bathrooms
Gabriel Kashi
Keystone Realty USA Corp.
$600,000-$1,000,000
1669 Decatur St., Ridgewood
$790,000
Colonial, 2 families
4 bedrooms, 2 bathrooms
Ioana Karanikolas
Winzone Realty Inc.
Over $1,000,000
17-34 Stanhope St., Ridgewood
$1,180,000
Townhouse, 2 families
7 bedrooms, 5 bathrooms
Qui Hang Jiang
Century 21 American Homes
GLENDALE
Under $600,000
90-50 Union Tpke., Glendale
$325,000
Co-op
2 bedrooms, 1 bathroom
Michal Marek
Keller Williams Landmark II
$600,000-$1,000,000
64-06 80th Ave., Glendale
$699,999
Colonial
2 bedrooms, 1 bathroom
Joel Custodio
Century Homes Realty Group LLC
Over $1,000,000
71-42 Edsall Ave., Glendale
$1,500,000
Multi-Family
5 bedrooms, 5 bathrooms
Augusto Torres
Elite Team Realty LLC
MASPETH
Under $600,000
64-59 59 Ave., Maspeth
$489,000
Ranch
2 bedrooms, 1 bathroom
Vincent O Connell
RE/MAX Team
$600,000-$1,000,000
59-23 59th Rd., Maspeth
$838,000
Colonial
4 bedrooms, 3 bathrooms
Lucy Lu
Landmark International R E LLC
Over $1,000,000
55-07 69th Pl., Maspeth
$1,080,000
2 story, 2 families
6 bedrooms, 5 bathrooms
Kaiqiao Wang
B Square Realty Inc.
MIDDLE VILLAGE
Under $600,000
65-35 79th Pl., Middle Village
$499,000
Ranch
2 bedrooms, 1 bathroom
Crifasi Real Estate Inc.
$600,000-$1,000,000
78-06 58th Ave., Middle Village
$749,000
Ranch
2 bedrooms, 2 bathrooms
Neal Modi
RE/MAX Frontier
Over $1,000,000
71-23 66th Rd., Middle Village
$1,799,000
Colonial
5 bedrooms, 3 bathrooms
Anthony Reardon
Eliot Hill Realty Inc.
BY EMILY DAVENPORT
EDAVENPORT@QNS.COM / @QNS
A recent report found that
Queens saw some falling numbers
with regard to multi-family
sales this past quarter.
Ariel Property Advisors released
their quarterly report that measures
the amount of multi-family homes that
were sold throughout the city between
July and September 2018. Overall the
report found that New York City saw
115 multifamily transactions comprised
of 186 buildings, which totaled
$2.23 billion in gross consideration.
The total sales in the third quarter
mark an annual 40 percent increase
in dollar volume, however it measured
a 7 percent decrease from the second
quarter transactions. Third quarter
saw a 12 percent rise in transaction
volume and a 22 percent increase in
building volume, both of which rose
6 percent and 9 percent, respectively,
compared to the second quarter.
But in Queens, the third quarter saw
the lowest dollar volume compared to
the other sub-markets. Queens had 11
multi-family transactions, including
14 buildings, totaled $93.33 million in
gross consideration. This represents declines
of 39 percent, 44 percent, and 67
percent in transaction volume, building
volume and dollar volume, respectively,
compared to the previous quarter.
“This year can be characterized
by the return of larger, institutional
transactions as they were nearly
non-existent in 2017,” said Shimon
Shkury, President and Founder of
Ariel Property Advisors. “We see
downward pressure in pricing and
believe that higher transaction volume
will add to this pressure in 2019.”
The borough’s largest transaction
from the third quarter was the sale of
29 Beach 32nd St., a 107-unit building
in Far Rockaway, which sold for $19.10
million.
However, despite the poor performance
in the third quarter, Queens
saw the most significant yearover
year gains. Compared to the
third quarter in 2017, transaction,
building, and dollar volume rose 120
percent, 75 percent and 95 percent,
respectively.
Read the full report at http://arielpa.
com/report/report-MFQIR-Q3-2018.
Stanhope Street 80th Avenue 59th Road 66th Road
link
/arielpa
