The New York Times on Growth in Queens

Over the weekend the Times took a look at the buyers who are taking a look at Queens. It’s not exactly breaking news, but “with rents and real estate prices on the rise in Manhattan and Brooklyn, young professionals and families in particular have gradually been following the subway lines east of Manhattan and beyond Long Island City to Astoria, Jackson Heights and other traditionally working-class enclaves in northwest Queens.” The most recent median sales price in Queens was $372,000, compared to $564,720 in Brooklyn. The average monthly rent rose to $1,574 but that’s still cheaper than $1,692 in Brooklyn. While Queens may have the cheaper rents, Brooklyn maintains all the buzz — Queens is far from establishing a national brand like its neighboring borough. But for a lot of residents, that’s part of the appeal.

The Times takes a look at development in Astoria, Sunnyside, and Jackson Heights. Here’s what’s notable: in Astoria, the new apartment building Astoria Archaeology at 12-15 Broadway is renting studios for $1,980, one bedrooms for $2,320, and two bedrooms for $3,325. 2030 Astoria Developers (backed by the Queens group Alma Realty) is eyeing a site near Hallets Point for a large residential development — we previously linked them to this site on Vernon. In Sunnyside, at least nine new businesses opened in the neighborhood over the past year to cater to the new residents. In Jackson Heights, investor activity is picking up; Benedict Realty Group picked up 561 units over 19 buildings in Jackson Heights, Elmhurst and Corona for $68,000,000. As for home buyers, many are drawn to the pre-war co-ops, where prices roughly range from $150,000 to $700,000. Two musicians who just moved to Jackson Heights are trying to give the neighborhood a new nickname — “The Jax.” Let’s see if it sticks.

The Tilt Toward Queens [NY Times]

Photo by ChrisGoldNY