REAL ESTATE These Queens neighborhoods had highest & lowest turnover of rent-regulated apts. BY ANTHONY GIUDICE [email protected] @A_GiudiceReports A group of Queens communities were among the top three neighborhoods that saw the most turnover rates of rent-stabilized Sales in Queens HOMES COOPS CONDOS Listings and photos courtesy MLSLI NORTHEAST NORTHWEST SOUTHEAST SOUTHWEST DOUGLASTON JACKSON HEIGHTS QUEENS VILLAGE MASPETH Under $500,000 166-25 Powells Cove Blvd., Beechhurst $406,000 Co-op 1 bedroom, 1 bathroom Concetta Fazio Frangoulis Lovett Realty $500,000-900,000 32-21 147th Place, Flushing $889,000 1-family Colonial 3 bedrooms, 1 ½ bathrooms Hyun Kim Cana Realty Over $900,000 71-05 242nd St., Douglaston $2,688,888 1-family ranch 2 bedrooms, 2 bathrooms Teresa Coleman Keller Williams Realty Greater Under $500,000 19-50 79th St., East Elmhurst $450,000 Co-op 1 bedroom, 1 bathroom Sammi Chen International Realty $500,000-900,000 31-13 78th St., Jackson Heights $779,000 1-family Colonial 3 bedrooms, 2 bathrooms Martin Dabao Realty Executives Today Over $900,000 45-37 43rd St., Sunnyside $1,458,800 1-family townhouse 4 bedrooms, 3 bathrooms Jackson Wen Century 21 American Homes Under $500,000 99-11 217th Lane, Queens Village $499,000 1-family Colonial 3 bedrooms, 1 ½ bathrooms Marlene Eric Signature Premier Properties $500,000-900,000 85-20 253rd St., Bellerose $625,000 1-family Tudor 3 bedrooms, 1 bathroom Imran Khan Realty Executives Today Over $900,000 81-05 139th St., Jamaica $999,999 1-family high ranch 5 bedrooms, 2 ½ bathrooms Pedro Salas Great Success Realty PICTURED LISTING Under $500,000 111-15 75th Ave., Forest Hills $359,000 Co-op 1 bedroom, 1 bathroom Lily Tran Exit Kingdom Realty $500,000-900,000 99-72 First St., Howard Beach $650,000 2-family contemporary 6 bedrooms, 2 bathrooms Michael Tepper EXIT Homestart Realty Over $900,000 53-06 68th St., Maspeth $1,398,000 2-family traditional 6 bedrooms, 4 bathrooms Emmy Cai RE/MAX City apartments over the last few years, a study has found. Th e study conducted by the New York City Independent Budget Offi ce (IBO) looked at the tenant information for more than 925,000 apartments that were rent stabilized for at least two years between 2010 and 2015, and found that the Douglas Manor/Douglaston/Little Neck area had a 25 percent turnover rate for these types of apartments. Topping the list was Battery Park City in Lower Manhattan with a 32 percent turnover rate, and New Dorp-Midland Beach on Staten Island with 28 percent. It is no secret that rent-stabilized apartments are prime pieces of real estate in Queens, for residents who need a respite from the surging rent prices, and for developers to buy them for cheap, renovate and deregulate them. Rounding out the top fi ve Queens neighborhoods with the highest turnover rate for rent-stabilized apartments are: • Springfi eld Gardens North – 19 percent; • Totten/Bay Terrace/Clearview – 17 percent; • Pomonok-Flushing Heights-Hillcrest – 17 percent; and • College Point – 16 percent. Th e Queens neighborhoods with the lowest percentage of turnover rates are: • Glen Oaks/Floral Park/New Hyde Park – 6 percent; • Lindenwood/Howard Beach – 8 percent; • Whitestone – 8 percent; • South Jamaica – 8 percent; and • Elmhurst – 9 percent. Th e rest of Queens averaged between 10 and 15 percent turnover rates. It should be noted that Baisley Park had a 0 percent turnover rate, but there are only four rent-stabilized units in the neighborhood, all built aft er 1974. Th e IBO study took into account the major diff erences in turnover rates between buildings built before 1974, and those built aft er — many of which were built in exchange for special tax breaks and tend to have rents closer to their neighborhood’s market rate. When it comes to neighborhoods with a high number of pre-1974 rent-stabilized units, Astoria had the second highest turnover rate in New York City, with 15 percent. Th e IBO received the data for their study from New York State Homes and Community Renewal and New York City Department of Finance Real Property Assessment Data. Photo via Shutterstock A new study shows the turnover rate for rent regulated apartments throughout Queens neighborhoods.
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