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Nearly $5 billion in real estate changed hands across Queens last year as sales jumped 7%, report finds – QNS.com

Nearly $5 billion in real estate changed hands across Queens last year as sales jumped 7%, report finds

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A new report found that Queens had a very active year in real estate this past year.

Ariel Property Advisors recently released their Queens 2018 Year-End Sales Report. According to their findings, Queens experienced 619 transactions that comprised of 779 properties, totaling $4.76 billion, marking a 7 percent increase from 2017.

Following Amazon’s original announcement for the HQ2 plans, interest grew in throughout the borough, particularly in the northwest area. The report found that the northwest section of Queens led the borough in terms of activity, accounting for 75 percent of dollar volume and 60 percent of transaction volume.

Year-over-year, the multi-family market increased 51 percent in dollar volume and 10 percent in transaction volume. The report found that the top five neighborhoods with the most amount of multi-family listings in Queens were Long Island City (69), Astoria (57), Flushing (48), Jamaica (46) and Ridgewood (46).

However, overall the volume of multi-family units for sale decreased seven percent year-over-year. Price per square foot fell to $365 in 2018 from $371 in 2017.

Graph via Ariel Property Advisors

 

The report found that commercial assets saw an increase in pricing, marking a 33 percent increase in the average price per square foot from $537 to $714, year-over-year. Ariel Property Advisors cites prime retail in Flushing contributed to the higher pricing, including the purchase of 136-16 Roosevelt Ave., a single tenant asset, by Great World Realty from Wharton Properties. The property was sold for over $4,000price per square foot and is adjacent to New World Mall.

Development, industrial, and garage assets were active in 2018. Combined, they yielded more activity across the board, with a 19 percent increase in dollar volume, 15 percent increase in transaction volume and a 24 percent increase in property volume year-over-year.

Click here to read the full report.

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