The city’s largest borough in terms of landmass usually falls behind Manhattan and Brooklyn when it comes to real estate deals. However, this year Long Island City tops the residential real estate charts for the fastest selling neighborhood in NYC, with listings spending less than 20 days on the market and units selling approximately $1,000 per square foot in new developments. The current median listing price is now $660,000, 3.3% higher than a year ago with inventory at 64.3% lower than same time last year.
In terms of commercial deals Queens is predicted to reach $3 billion in commercial sales compared to $2.4 billion in 2014. The continued trading of multifamily properties that accounted for $1.36 billion in sales last year is playing a major role in Queen’s accelerated commercial market. Other factors include a growing interest by institutional investors and the attractiveness of large open spaces not available in other boroughs. Supply and demand as usual also has had a lot of impact on the record setting market conditions.
Contact our residential team today to see how SPIRE can help with your residential real estate needs.
Contact our commercial team today to see how SPIRE can help with your commercial real estate needs.