Reflecting a market gripped by high demand and low supply, real estate sales in Queens decreased slightly but yielded higher prices during the second quarter of 2015, according to a report from broker Cushman & Wakefield.
Approximately 230 properties across the “World’s Borough” changed hands between April and June of this year, a 7 percent drop from the number sold during the first quarter of 2015. Even so, the aggregate sales consideration this quarter — the volume of money exchanged in real estate transactions — reached $835 million, an 8 percent increase from the first quarter.
Cushman & Wakefield described the first six months of 2015 as the second-highest dollar volume the Queens real estate market has seen within the first half of any year, with $1.6 billion in real estate sales generated.
“[At $313 million], development sites accounted for 20 percent of all dollar volume,” the report indicated, “followed by retail properties, with $259 million accounting for 16 percent of the total dollar volume.”
The average price for all types of real estate sold in Queens was $3.4 million, an 18 percent jump from the first half of 2014.
Queens’ strong real estate numbers were evident of a continued upward trend in New York City’s real estate market. According to the report, $37.8 billion in sales activity took place through June, and the city is “on pace to exceed the previous cycle’s high established in 2007.”
“The first half of 2015 will go down as one of the best six-month periods in the city’s history,” said Adrian Mercado, Cushman & Wakefield managing director of research. “All submarkets and property types are firing on all cylinders with market activity outpacing our year-end forecasts.”
Cushman & Wakefield catalogued 141 sales in Queens in which properties were sold for $1 million or more during the second quarter of 2015, accounting for 61.3 percent of real estate transactions during the period.
Among the most lucrative deals were the $71 million sale of an office building at 33-00 Northern Blvd. in Long Island City; a $4.35 million sale of a 23-unit lot of apartment buildings at 1705-1725 Putnam Ave. in Ridgewood; a $72.25 million sale of a 144-unit apartment building at 11-15 Broadway/30-50 21st St. in Astoria; and a $8.8 million sale of a 43,800-square-foot industrial building at 72-42 60th Lane in Glendale.