A new report explored which neighborhoods in Queens had the highest and lowest sales of new development units during the second quarter of 2019.
MNS Real Estate recently released their Second Quarter New Development Report for Queens, which takes a look at the new development market throughout the borough. Overall, the report found that the total sales volume of new development units rose from $21.3 million in the first quarter to $52.7 million, marking a 148 percent total increase. New development sponsor sales this quarter also increased from 21 sales to 64, marking a 205 percent quarterly increase.
The median sales price of new development units in Queens saw a 25.5 percent decrease quarter-to-quarter and a 5.1 percent decrease year-over-year. While the median price per square foot saw an 11 percent increase quarter-to-quarter, it had an 8.7 percent decrease year-over-year.
According to MNS Real Estate’s data, the largest quarterly upswing took place in Forest Hills, where average price per square foot rose from $640/square foot to $921/square foot as well as sales prices rising from $430,000 to $948,195. The largest quarterly downswing took place in Flushing, with the price per square foot dropping from $1,189/square foot to $1,030/square foot and sales prices decreasing from $1,049,295 to $919,394.
Despite the downswing, 36 percent of two-bedroom units and 100 percent of three-bedroom+ units were sold in Flushing in the second quarter. Additionally, the highest new development sale in the borough took place at Flushing’s 131-03 40th Rd. PH2M, which sold for $2,242,034.
Long Island City saw the most total number of new development sales, accounting for 31 percent of total sales in Queens. The majority of studio and one-bedroom units were sold in Long Island City, measuring 67 percent and 34 percent overall, in Queens this quarter. The neighborhood also saw the highest new development sale in cost per square foot at 526 47th Ave. 526, selling for $1,368/square foot.
Read the full report at mns.com/queens_new_dev_report.