New development sales decrease across Queens, though Long Island City sees a boost: Report

People try to maintain social distance while enjoying a warm and humid day at Gantry Plaza State Park following the outbreak of the coronavirus disease (COVID-19), in Long Island City, New York
File photo by REUTERS/Jeenah Moon

New development sales in Queens were down in the second quarter of 2020, according to a new report.

When compared to the first quarter of this year, the total sales volume of Queens new development sales was down by 29 percent, from around $159 million to $113 million this past quarter, according to the Queens New Development report from MNS.

In addition to the decrease in sales volume, the total number of sales decreased, as well – there were 185 sales in quarter one of 2020 year and 119 sales during the second quarter of this year, the report says.

But it wasn’t all drops and decreases in the “World’s Borough.”

Quarter-over-quarter, the median price per square foot in Queens increased from $1,164 to $1,249, or about 7 percent, according to MNS. Also on the rise: the median price paid for a Queens unit, which increased by 6.8 percent, from $800,499 to $855,330, the report said.

Bringing up the median price was the sale of unit 6A of 21-30 44th Dr. in Long Island City, which sold for $2,310,000, the highest price paid for a unit this past quarter.

There’s a reason the most expensive unit was in Long Island City. The vast majority of new development sales were made in the northwest Queens neighborhood.

In the second quarter of 2020, nearly 64 percent of all new development sales were in Long Island City. Those sales account for 76 of the 119 sales made, according to the report.

While prices in Long Island City were up, its neighbor to the north experienced the largest down-swing in price in the borough, the report said.

The median sales price in Astoria decreased by over 4 percent this past quarter, MNS said. The median price per square foot also saw a decline in the neighborhood, dropping from $1,097 to $1,038, or about 5 percent.

Only eight of the 119 units sold this past quarter were in Astoria.

View the full report here.

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