New development sales increase in northwest Queens: Report

Long Island city pier, NY
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New development sales in northwest Queens saw an uptick during the third quarter of 2020, according to a new report.

Sales of new developments were up 15.1% when compared to the second quarter of this year, according to the report from real estate company MNS.

A majority of the sales came in Long Island City, the neighborhood that accounted for over 51 percent of new development sales. The neighborhood was also home to the most expensive unit sold during the third quarter – unit 8F inside of 45-07 Court Square, which sold for $2,270,531, according to the report.

The largest upswing in the borough happened in Astoria.

The median price per square foot increased by 10.5 percent to $1,147, according to the report. The median sales price in the neighborhood increased by nearly 30 percent.

Not all northwest Queens saw an increase in sales or price.

In Flushing, the price per square foot of new developments dropped to $873, down from $1,191 in the second quarter, the report said.

Overall, the total sales volume of Queens units increased by over 2 percent, from $113,548,668 during the second quarter to $116,1919,683 during the third quarter.

Both the median price per square foot and the median price per unit decreased in Queens during the third quarter. The median price per square foot dropped by 0.6 percent, to $1,242, and the median price decreased by 10.2 percent, to $767,750.

Click here to read the full report.