FOR BREAKING NEWS VISIT www.couriersun.com DECEMBER 25, 2014 • REAL ESTATE • THE COURIER SUN 31 real estate 11-43 Beach 9th St. Photo courtesy of Multiple Listing Service and PropertyShark GOT A HOT REAL ESTATE STORY IN QUEENS? Contact Liam La Guerre Guerre Real Estate Editor EMAIL: [email protected] TWITTER: @liamlaguerre Developing Queens: A wave of new retail coming BY THE QUEENS COURIER STAFF I [email protected] I @QUEENSCOURIER ROSENZWEIG: You learn over time that retailers have a herd mentality. When one national retailer comes in and then a second one — it doesn’t even necessarily have to be all in the same category— but when a couple of nationals come in, that’s when the rest will take the plunge. And it hasn’t hit that point yet. La Guerre: So you’re saying eventually the nationals will be popping up all over and together? ROSENZWEIG: They are going to realize what the residential developers and the residents that have moved into their projects have — great proximity to Manhattan, incredible mass transit, and the people that are coming in have a lot of disposable income. La Guerre: Is Queens a destination for trendy stores now, like Manhattan or Brooklyn? SCHOLDER: Obviously, there is a growing young demographic in some neighborhoods. That’s absolutely the case in Long Island City. Astoria has been another growing market. There is this tremendous basis of nightlife, restaurant scene, arts in Astoria, and some of these trendier places are starting to move in as well. La Guerre: What are some areas that you expect retail to transform that has been talked about as much? Where are your sleeper neighborhoods? ROSENZWEIG: Archer Avenue in Jamaica. You’re going to see some opportunities get created for larger big-box retailers, so it’s not going to just be Sutphin Boulevard as it has been or Jamaica Avenue. I think Archer is going to evolve as well. Another area is Myrtle Avenue in Ridgewood. The infrastructure has always been there — mass transit, buses, surrounding residential — but I think you are going to see as leases come up and expire a lot of the current tenants may not be quite right for the area anymore. I think it’s going to come on pretty strong, pretty soon. THE COURIER/Photo by Liam La Guerre CBRE is a global real estate services company, which has offi ces in Queens and Long Island that service the borough. The fi rm focuses on commercial real estate. CBRE First Vice President Dean Rosenzweig and Associate Jeremy Scholder talked with Real Estate Editor Liam La Guerre about the changing landscape of the Queens retail market. La Guerre: Queens has been having a big residential boom in certain markets over the past couple of years. Have you seen a pickup in retail with this boom? ROSENZWEIG: The smaller businesses, the moms and pops, when we have a listing or when we are on the search for a client for a site—the smaller guys have defi nitely been seeking out those areas, like Long Island City. The nationals are starting to poke around. We are doing tours with our national clients in Long Island City, for example, but the nationals aren’t there yet. They’re coming and that will take retail in those areas to the next level. La Guerre: So if you wanted to go shopping to big-box retailers you wouldn’t be able to in LIC yet, but very soon. ROSENZWEIG: Or even smaller footprint national retailers, like you don’t see Starbucks there yet. Are they coming? Yeah. Are they looking around? Absolutely. Will they be there? Probably in a year or a year and a half from now. You don’t even see the national banks on Vernon Boulevard right? That’s all coming. The fi rst stage was the developers taking advantage of the rezoning and building the huge amount of residential that’s already built and the huge amount of residential that are in the works. Those units are going to fi ll up, and people that they are going to bring are going to need services. SCHOLDER: They are still waiting for the area to hit critical mass. They are waiting for all these new buildings to come to fruition at the same time so they can really feel the impact. Dean Rosenzweig and Jeremy Scholder of CBRE. Hot Listings Huge homes under $1M BY LIAM LA GUERRE [email protected] /@liamlaguerre 59-35 Menahan St., Ridgewood This property has seven bedrooms and three bathrooms and was originally built in 1920. It sits on a lot of 5,137 square feet, which has a two-car garage and a private driveway. There is a fi nished basement and a laundry room as well. The broker is Peter Caruso of Caruso & Boughton Realty, and the asking price is $945,000. 105-42 133rd St., Richmond Hill This Richmond Hill seven-bedroom home is listing for $649,999. The residence is a three-story detached colonial home that has three bathrooms and a recreational room in the basement. It uses about half of its 5,084-square-foot lot space. Raias Khan of Century 21 is the broker of record. 168-04 35th Ave., Flushing A three-story, colonial-style, single-family Flushing home that offers eight bedrooms and three full bathrooms. Blocks away from the Auburndale LIRR station, this home is located on a corner property and has 3,087 square feet of space. The residence features a fi nished basement, which includes a laundry room. It also has a one-car garage. The asking price is $958,000. En Ja Chung of Promise Realty is the broker. 88-52 195th Pl., Hollis A large single-family, three-story Hollis residence, featuring a formal dining room and living room with French pocket doors. It has seven bedrooms and three and a half bathrooms in 3,400 square feet of space. There is a two-car garage on the property as well. Emmanuel Babayev of Charles Rutenberg Realty is the broker. 11-43 Beach 9th St., Far Rockaway This three-story residence sits on a nearly 8,000-square-foot lot and has about 3,500 square feet of living space. The asking price is $879,000. It has seven bedrooms, two bathrooms and a private driveway. The broker is Ann Bienstock of Five Towns Miller Realty.
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