While the number of transactions in Queens dropped slightly during the first half of the 2018, the dollar price for investment properties in Queens saw an increase, according to a new report released by the Real Estate Board of New York (REBNY).
According to the report, the city saw a 20 percent increase in total dollar consideration, finishing the first half of 2018 with $21.6 billion in sales compared to $18 billion the first half of 2017. Dollar consideration increased year-over-year in Manhattan, Brooklyn and Queens, while the Bronx and Staten Island saw a dip in this category.
“Following two consecutive years of decline in citywide investment sales consideration, overall consideration has increased,” said John H. Banks, REBNY president. “Investors are making commitments to smart, long-term assets and stoking activity within various property categories.”
Overall, investment sales consideration in Queens had a 7 percent increase to $2.2 billion in the first half of 2018 from $2.0 billion in the first half of 2017. However, Queens saw a 6 percent decrease in transactions year-over-year, with a total of 517 transactions in the first half of 2018 compared to 557 transactions in the first half of 2017.
The total number of transactions across the five boroughs had a 9 percent decrease in the first half of 2018 compared to the first half of 2017, dropping from 2,419 sales to 2,200.
Of the transactions in Queens, multifamily rental buildings without an elevator garnered the most consideration with 135 sales, taking 26 percent of the borough’s sales. The sales of garages/gas stations/vacant land was close behind with 115 transactions, or 22 percent of all sales in the borough.
Click here to see the full report from REBNY.