REAL ESTATE
Rents down in R’wood., but more luxury apts. may change that
Sales in QueensHOMES COOPS CONDOS Listings and photos courtesy MLSLI
NORTHEAST NORTHWEST SOUTHEAST SOUTHWEST
COLLEGE POINT JACKSON HEIGHTS JAMAICA ESTATES FOREST HILLS
Under $500,000
230-01 Grand Central Pkwy., Oakland
Gardens
$325,000
Co-op
2 bedrooms, 1 bathroom
Hope Gore
HomeSmart Premier Living Realty
$500,000 - $900,000
41-42 College Point Blvd., Flushing
$668,000
Condo, 2 bedrooms, 2 bathrooms
Kaitlyn Cai
E Realty International Corp
Over $900,000
121-09 12th Ave., College Point
$1,183,000
Multi-family
7 bedrooms, 4 bathrooms
Mengjian Lin
Century Homes Realty Group LLC
Under $500,000
48-17 42nd St., Sunnyside
$379,000
Co-op
1 bedroom, 1 bathroom
Robert Swiderski
RealTegrity NY LLC
$500,000 - $900,000
5607 31st Ave., Woodside
$599,000
Co-op
3 bedrooms, 1 bathroom
Robert Glessman
Douglas Elliman Real Estate
Over $900,000
35-14 90th St., Jackson Heights
$1,698,000
Multi-family
9 bedrooms, 6 bathrooms
Li Li Bian
Winzone Realty Inc
Under $500,000
87-15 165th St., Jamaica
$89,900
Co-op
1 bedroom, 1 bathroom
Alla Gubler
AG Prime Realty
$500,000 - $900,000
109-85 Francis Lewis Blvd., Queens
Village
$749,000
Multi-family, 5 bedrooms, 3 bathrooms
Phillip Graham
Ann Gorg Realty Corp
Over $900,000
186-30 80th Ave., Jamaica Estates
$1,750,000
Single-family
4 bedrooms, 3.5 bathrooms
Vera Mair
Exit Realty First Choice
Under $500,000
83-75 Woodhaven Blvd., Woodhaven
$299,000
Co-op
2 bedrooms, 1 bathroom
Teresa Jasinski
Exit All Seasons Realty
$500,000 - $900,000
87-30 62nd Ave., Rego Park
$568,000
Condo
2 bedrooms, 1.5 bathrooms
Dongjian He
B Square Realty Inc
Over $900,000
74 Ascan Ave., Forest Hills
$2,888,000
5 bedrooms, 3.5 bathrooms
Single-family
Steven Baroumis
SBNY RE
BY EMILY DAVENPORT
edavenport@qns.com
@QNS
It’s no secret that Queens has experienced
increased rents over the past couple
of years. However, one neighborhood
in particular has been experiencing rental
price declines this year.
A recent report from StreetEasy found
that Ridgewood was the only Queens
neighborhood that was among the top 10
neighborhoods in New York City where
rents where declining.
According to StreetEasy, rents in central
Queens (which includes Ridgewood) saw
some slight increases in the fi rst quarter of
2019 – the median asking rent in central
Queens was $2,100, marking a 2.7 percent
raise. And while rents throughout the borough
are steadily increasing, StreetEasy
found the rents in the Ridgewood area are
going down.
In the fi rst quarter of 2019, Ridgewood
saw a 2.2 percent decrease year-over-year,
bringing the median rental price down to
$2,395. Compared to the fi rst quarter in
2017 and 2018, StreetEasy found that of
the apartments listed for rent in 2019 so
far, 59 percent were listed for cheaper than
in years prior.
A representative at StreetEasy stated
that one of the factors of Ridgewood’s
rental trends has to do with inventory.
Areas that StreetEasy found to be more
aff ordable, like Ridgewood, have nearly
double the units relisting on the market
compared to neighborhoods where rents
are rising.
“Overall Ridgewood has gotten busier
on the rental side,” said Andrew Barrocas,
CEO of MNS Real Estate. “We’re defi nitely
seeing more activity, more leasing prior
to becoming vacant. It feels a lot stronger
than last year.”
However, despite the recorded declines
in rent, the number of luxury off erings in
Ridgewood could take the neighborhood
in another direction.
According to MNS Real Estate’s fi ndings,
the low inventory paired with the
high infl ux of luxury rentals coming to
the area gave Ridgewood a big boost in
rental prices, raising 23.24 percent in
average prices this past March.
“Ridgewood is a great neighborhood,”
said Barrocas. “While the luxury developments
drove neighborhoods like Long
Island City, Ridgewood was well established
before any development took place.
And since the neighborhood already has
the necessities, it’s easier to attract that
type of renter.”
MNS Real Estate is one of the agencies
behind bringing more luxury rentals
to the neighborhood. In 2017, MNS Real
Estate handled the marketing and leasing
for Th e Mill, a seven-story, 89-unit building
at 1626 Madison St. that off ered a mix
of studio, one-bedroom and two-bedroom
units with luxury interiors. Th e
building itself also off ered access to a rooftop
terrace, a courtyard, a lounge with a
fi replace, bike storage, on-site parking and
a laundry room.
Rents at Th e Mill started at $1,750 for
a studio, $2,000 for a one-bedroom and
$2,500 for a two-bedroom unit.
MNS Real Estate is also currently working
on another luxury building that is
coming to Myrtle Avenue and St. Nicholas
Avenue, which is expected to bring the
fi rst real high-rise with luxury amenities
to Ridgewood.
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