By Gabriel Rom
As housing prices in Manhattan and Long Island City continue to climb, Central Queens and especially Rego Park are getting an influx of high-end housing developments that offer relatively affordable sale prices. A new seven-story condominium currently under construction near The Contour building at 97-45 Queens Blvd. marks the most recent project to pop up in the neighborhood.
The 23,398-square-foot building, at 97-30 64th Ave. only one block away from the 63rd Drive-Rego Park subway station, will include 23 condo units, according to the city Department of Buildings. The plan also proposes seven parking spaces and a community facility. The project was approved in June and, according to various signs on a construction fence, is expected to be completed sometime this year.
Seth Bornstein, the president of the Queens Economic Development Corporation, noted that a growing demand for condominiums is especially beneficial for the borough.
“People want to purchase,” he said. “There is a demand from people who want to invest in the borough and that idea of ownership is a good thing. It adds to a sense of community.”
Bornstein went on to explain that the influx of buildings in Queens signals that the market is looking for affordable housing and is willing to venture beyond Manhattan and deeper into Queens to find it. That the residences are high-end, he said, proved that amenities could be affordable.
According to a 2015 report from the real estate firm Douglas Elliman, the median Queens sales price for condos is $493,750. While that figure is the highest it has ever been in Queens, it is almost half that of Brooklyn, which is $760,000, and less than two-thirds of median Manhattan sales, which is a staggering $1.3 million
He contrasted the developments in neighborhoods like Rego Park and Woodside with the huge influx of rentals in Long Island City.
“Rentals are more transient by nature, people come and go. But people who buy condominiums care about schools and hospitals and Rego Park is becoming more solid and stable.”
Another condo, called Great Stone Tower, opened last month on the same block, at 97-40 64th Ave. Prices in that building, according to real estate listings, can surpass $700,000 for a two-bedroom apartment.
Another developer, Kenny Liu, is also planning to build a new seven-story, 50-unit condominium building on the next block over at 97-45 63rd Drive.
The new buildings are being constructed near The Contour building, at 97-45 Queens Blvd., a former office tower converted into a luxury residential building in 2012, which experts say began the process of attracting new real estate projects to the area.
Another upscale condo, which will feature a gym, rooftop garden and bicycle room, is currently being built at 65-38 Austin St., while a luxury building The Alexander, built atop the Rego Center Mall, also started renting its high-end apartments earlier this year.
Reach reporter Gabriel Rom by e-mail at grom@
