REAL ESTATE
Queens has most residential development so far in 2018: report
BY RYAN KELLEY
rkelley@ridgewoodtimes.com
Twitter @R_Kelley6
Th ere has been a noticeably sharp
increase in residential development in
New York City so far in 2018, but nowhere
is it more prominent than in Queens,
according to a new report released by
New York YIMBY.
In the real estate publication’s fi rst-ever
mid-year pipeline report on July 30, it
shows that the number of new residential
Sales in Queens HOMES COOPS CONDOS Listings and photos courtesy MLSLI
NORTHEAST NORTHWEST SOUTHEAST SOUTHWEST
BAYSIDE LONG ISLAND CITY HOLLIS HILLS OZONE PARK
Under $500,000
73-23 210th St , Bayside
$240,000
Co-op
1 bedroom, 1 bathroom
Mei Ng
East Coast REALTORS Inc
$500,000-$900,000
13-06A 126 St , College Point
$765,000
1- Family, Colonial
3 bedrooms, 2 ½ bathrooms
Yani Huang
Apple Realty Group Corp
Over $900,000
912 Malba Dr , Whitestone
$1,728,000
1-Family, Colonial
4 bedrooms, 3 ½ bathrooms
Po Wei Tair
RE/MAX 1st Choice
Under $500,000
47-55 39th Pl , Sunnyside
$398,000
Condo
2 bedroom, 1 bathroom
Sanjeev Th apar
Argo Residential, Voro LLC
$500,000-$900,000
41-04 27th St , Long Island City
$866,250
Condo
1 bedroom, 1 bathroom
Hsin Yuan Yang
E Realty International Corp
Over $900,000
72-17 34th Avenue , Jackson Heights
$1,200,000
Co-op
3 bedrooms, 3 bathrooms
Justin Moundas
Douglas Elliman Real Estate
Under $500,000
175-06 Devonshire Rd , Jamaica Estates,
NY 11432
$225,000
Co-op
1 bedroom, 1 bathroom
Rafael Ching, Keller Williams Realty Greater
$500,000-$900,000
87-35 252 St , Bellerose, NY 11426
$660,000
1- Family, Colonial
3 bedrooms, 1 bathroom
Jarlyn Gonzalez
Core Realty Elite
Over $900,000
86-27 Chelsea St , Jamaica Estates, NY 11432
$1,859,999
1- Family, Colonial
3 bedrooms, 3 ½ bathrooms
Roderick Smart
Best To Purchase Realty LLC
Under $500,000
67-71 Yellowstone Blvd , Forest Hills,
NY 11375
$319,000
Co-op
1 bedroom, 1 bathroom
David Dan, Benjamin Realty Since 1980
$500,000-$900,000
74-23 87th Road , Woodhaven, NY 11421
$850,000
2- Family, Townhouse
3 bedrooms, 2 bathrooms
A Leclerc Etienne
Best House Realty Inc
Over $900,000
93-08 89th Ave , Ozone Park
$997,000
2- Family, Colonial
6 bedrooms, 4 bathrooms
Jiangwei Zhou
Winzone Realty Inc
units in Queens rose from 1,867 in
the fi rst half of 2017 to 4,536 in 2018 —
an increase of 243 percent and the largest
growth of the fi ve boroughs. Overall, the
citywide year-over-year numbers show
that new residential units have risen from
9,134 in the fi rst six months of 2017, to
15,305 in 2018 — an increase of 67.5 percent.
Much of the growth in housing in
Queens has been powered by Long Island
City, which is rapidly turning into a city
all its own. In just the past two weeks,
two proposed developments have been
revealed as being contenders for the tallest
buildings in the borough; a 750-foot,
mixed-use tower on 24th Street and a
752-foot condominium tower on 44th
Drive.
In April, the previous contender for the
tallest building in Queens was a 710-foot
mixed-use tower on 41st Avenue.
While such towers have prompted local
leaders to speak out about the zoning laws
in the area, the YIMBY report suggests
that the surge in Long Island City could
have positive eff ects as the supply meets
the demand for housing.
“As supply fi nally meets demand, price
decreases in the neighborhood may also
continue, off ering New Yorkers opportunities
for legitimately aff ordable market
rate housing that is extremely proximate
to the city’s main job centers in
Manhattan, and disproving the NIMBYs
who insist that new construction can only
result in rising housing costs,” the article
said.
In other parts of the borough where
developments call for zoning changes,
the plans have been met with heavy resistance.
In June, Community Board 2 voted
against a proposed development with 561
apartments on Queens Boulevard, but the
plan is still under review by the borough
president, City Planning Commission
and City Council.
Plans for another tower on Queens
Boulevard that would reach 23 stories and
contain more than 100 apartments were
also revealed in July.
In addition, the report suggests that
hotel applications have seen an increase
while the city attempts to curb their
growth by amending the zoning laws for
M-1 districts. Th rough the fi rst half of
2018, 2,337 new hotel rooms have been
submitted compared to 2,114 in the fi rst
half of 2017, an increase of 11 percent.
Overall, new units fi led in the fi ve boroughs
are projected to reach 30,000 by the
end of the year, according to the report.
Photo via Flickr/noahbulgaria
View of Queens skyline in Long Island City
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