The Real Deal Highlights the Development Rush Coming to Queens

For The Real Deal’s October issue it breaks down the 60 residential projects planned for the borough. According to TRD, “Over the next three years, Queens is slated to see the construction of more than 8,000 units of new residential housing… This month, using records from the city’s Department of Buildings as well as news reports and information from sources, The Real Deal identified more than 60 new apartment buildings with at least 10 units in the pipeline for Queens.” Many of the projects are planned for Long Island City, although Astoria, Ridgewood and Flushing are also development destinations.

With large, undeveloped lots running low in Brooklyn and Manhattan, Queens offers lots of sizable development sites zoned for large-scale construction. That’s why major developers like World-Wide Group, the Lightstone Group, L+M Development and Property Markets Group have turned their gaze our way. Right now, many of the new buildings are rentals — rents are going up, particularly in Long Island City. Cheaper land prices in Queens also make rental development economically viable. There are a growing number of condo developments in Long Island City, however, where a high-end unit can sell for more than $1,000 per square foot. Even Rockrose, a longtime rental developer in LIC, said that if condo prices continue to increase the company would consider a condo build on a triangular parcel it owns opposite the Linc development site.

Queens Is Getting 60 Big Residential Projects [TRD]
Image via TRD