queens-projects-2013

Yesterday Ariel Property Advisors released its comprehensive year-end market report for Queens, which you can read in full here. The big news of the year is the dramatic rise in multifamily sales throughout the borough, which was detailed on the blog yesterday. Here are a few more interesting tidbits from the report:

  • The end of the year brought new construction to both LIC and Astoria, where prices per square foot often exceeded $400. Ariel notes that these numbers are in line with new development in Brooklyn before its “explosive price growth.”
  • A number of developments added momentum to Queens growth: Willets Point, Hallets Point, Hunters Point South, Astoria Cove, Flushing Commons, and 5Pointz.
  • Northwestern Queens saw the highest amount of transactions in 2013: 332 transactions at a value of $1,941,320,704. Northeastern Queens came in second with 88 transactions at a dollar volume of $389,026,198.
  • Multifamily sales accounted for 43 percent of all transactions, industrial sales accounted for 35 percent, commercial sales accounted for 14 percent, office sales for 4 percent and special purpose sales for 4 percent.
  • The largest market transaction of the year was AREA Property Partners purchasing a 29-building Sunnyside apartment portfolio for $359,697,763.
  • Since 2002 52 new hotels have opened here, more than any other borough, and 14 are now under development.
  • At the end of the year the Bloomberg administration reported that the population of Queens has increased by more than 38,095 residents to 2,272,771 since 2001, and private sector jobs have increased 10.5 percent, by more than 46,300 to above 486,100, since 2002.
  • Favorable supply/demand dynamics and a stronger economic growth lead Ariel to “hold a bullish 2014 outlook.”

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