It’s been awhile since we’ve published a Market Snapshot, but for the latest installment our friends at PropertyShark crunched the numbers on Rego Park. Sales stats show that the market has stayed relatively stable since 2005, with the median sales price hovering below and above $200,000. (It’s worth mentioning that you can note a gradual increase throughout the years, from $182,500 in 2005 to $243,000 in the third quarter of 2014.) The median sales price looks strong this year in particular, ranging from $243,000 to $259,806 between quarters. And the number of transactions is high too, around 100 sales per quarter of 2014.
PropertyShark also compiled the total transaction values per quarter — see the graph above. The fourth quarter of 2013 brought in the highest numbers, with 148 transactions at a total of $40,520,149. The total transaction value from the third quarter of 2014 was $25,259,374.
Finally, PropertyShark noted the three most expensive sales for the neighborhood — and they all belong to the condo development Millennium 99, at 63-36 99th Street. The first is No. 8A, a 1,663-square-foot condo that sold for $1,028,433. No. 5F, at 1,387 square feet, sold for $880,000 and No. 5J, at 1,489 square feet, sold for $861,506.
Up for sale in Rego Park, at 65-15 Boelsen Crescent: this freestanding Colonial asking $1,388,000. The property is part of The Crescents enclave, known for its semi-circular streets and Tudor homes. Houses here tend to go for higher prices, so the $1M+ ask isn’t entirely shocking. Problem is, the interior of this house just isn’t very impressive. It also looks like a modestly-sized home, with one of the bedrooms barely able to fit a bed. There is however, a lovely front and back garden as well as a detached garage. How much do you think it’s worth for this slice of the suburbs?
Rego Park is making headlines more and more, with articles boasting the neighborhood as a hot spot for renters, and new luxury developments hitting the market. New York YIMBY joined the bandwagon, posting a rendering of a new development planned for 65-70 Austin Street, between 65th Road and 66th Avenue. The seven-story, 45-unit rental development, designed by GF55 Partners, will join a number of other seven-story buildings already situated on the south side of Austin Street. Apartment units will average just under 800 square feet, and the building will hold 28 parking spaces. No word on a construction timeline or price point yet.
Meanwhile, DNAinfo published an article today about the lack of eateries and nightlife in the area. While there are a number of new developments with “Manhattan” amenities offered at lower prices than in Western Queens, there still isn’t anywhere to grab a beer. Rego Park residents end up traveling to other neighborhoods of Queens or Brooklyn to go out. New neighborhood transplants consider the area, which has many fast-food restaurants, more suitable for older residents. Frank Gulluscio, the district manager of Community Board 6, told DNAinfo that he thinks 63rd Drive is “a prime location for some of the things that [younger residents] might be looking for. It could be Martha’s Bakery, it could be a cupcake store, it could be an upscale wine and cheese place. Somebody has to start it, like they did in Williamsburg and Red Hook.” Queens bar and restaurant owners (or hopeful owners) — are you listening?
This apartment comes to us from the Millennium 99 condo building at Rego Park, 63-36 99th Street. It’s a one bedroom with 833 square feet, and it looks like most other new condo units hitting the market these days. Floor-to-ceiling windows, a balcony and an open kitchen configuration. It is priced on the higher side for a one bedroom, at $542,500. Given the recent hype around Rego Park, do you think it’ll sell close to ask?
Rego Park, it’s your moment to shine. Just last week the neighborhood got its very own luxury rental development, the Rego Modern. And yesterday DNAinfo profiled the neighborhood as “a hot spot for renters, boasting prices almost as high as its tonier neighbor, Forest Hills.” The article gets its info from this August report by brokerage firm MNS. According to the report, the neighborhood is seeing a rent spike, 13 percent for one bedrooms and 9 percent for two bedrooms, due to the influx of high-end buildings and families getting priced out of LIC and Astoria. The average price for a one bedroom is $1,996, for a two bedroom it’s $2,566. Studios are less in demand, with an average rent of $1,325.
MNS brokers say the neighborhood is becoming a destination for young families seeking larger apartments, and rent on a large two bedroom could go for as high as $3,500 a month. Studio, one and two bedrooms at the Rego Modern are priced from $1,600 to $2,500 a month.
The brokerage firm Modern Spaces just launched leasing for The Rego Modern — it’s a new 38-unit development at 99-39 66th Avenue, off Queens Boulevard. There are studio, one- and two-bedroom apartments up for rent. Studios are asking $1,600 a month, with one bed/one bath units for $2,000 a month, and two beds/two baths for $2,500 a month. Here are apartment details from the brokers:
The Rego Modern offers homes ranging from studios to two-bedrooms with oak flooring and recess lighting throughout. Kitchens boast GE appliances, Caesar stone counters and Mosaic tile back splashes. Bathrooms are designed with Kohler fixtures, Marble Mosaic tile showers and heated floors.
Amenities include a fitness center, on-site laundry, outdoor rec area, parking, and bike storage. Modern Spaces saw success at another new “luxury rental” development in a neighborhood that’s not LIC or Astoria, at Icon 52 in Woodside. The 66-unit building was fully leased after six weeks on the market. Think the Rego Modern will fair as well? Check out more interior renderings after the jump. GMAP
Participatory Budgeting, the very popular community initiative making its way through Queens, is coming to Rego Park and Forest Hills. Residents get to decide how to spend $1,000,000 in a number of “neighborhood assemblies” this fall, according to DNAinfo. Councilwoman Karen Koslowitz, representing District 29 (Forest Hills, Rego Park, Kew Gardens and Richmond Hill), is spearheading the project, where residents tend to allocate money on park renovations, community gardens, security cameras, streetscape improvements and the like.
The meeting schedule is as follows: September 8th, 7 pm at American Legion Hall at 105-15 Metropolitan Avenue in Forest Hills; September 17th, 7 pm at Russell Sage JHS 190 (enter in the back of building) at 68-17 Austin Street in Forest Hills; and September 18th, 7 pm at P.S. 175 (enter on 64th Rd) at 64-35 102nd Street in Rego Park. Councilwoman Koslowitz will announce more meetings for October at a later date.