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New developments in Long Island City see increase in apartment unit sales: Report

Skyline Tower in Long Island City. (Photo courtesy of Binyan Studios)

New developments in western Queens, particularly in Long Island City, saw an increase in sales during the last several months, according to a report by real estate agency MNS.

During this third quarter, the total sales volume of Queens sponsor units increased by nearly 46%, from $296,366,589 during the second quarter to $432,548,838.

The total number of new development sponsor sales also increased by about 45%, from 295 total sales in the second quarter to 428 total sales. 

Quarter-over-quarter, while the median price per square foot decreased by 0.6%, the median price paid for a Queens sponsor unit in that same span increased by 0.8%. Year-over-year, the median price paid per square foot for a Queens sponsor increased by 4%, while the median sales price increased by about 18%. 

Both the highest price paid and the highest price paid per square foot for a Queens sponsor unit took place at the Skyline Tower at 3 Court Square in Long Island City, where a unit sold for $2,610,739 (or $1,969 per square foot). In the past quarter, 25 studio sponsor units were sold, representing nearly 6% of all sponsor unit sales in Queens.

One-bedroom sponsor units represented nearly 44% of all sponsor unit sales in Queens during the third quarter of this year, or 187 out of 428 total sales. Two-bedroom sponsor units represented 46.73% of all Queens sponsor unit sales, or 200 out of 428 total sales. Three-bedroom or larger sponsor units comprised the remaining nearly 4% of Queens sponsor sales that occurred during this year’s third quarter, just 16 out 428 total sales. 

The majority of these sponsor sales were in Long Island City, where about 65% of all Queens sponsor sales occurred. This translates to 279 out of 428 total sponsor unit sales that took place in the neighborhoods tracked by this report, which include Astoria, Flushing, Forest Hills, Jackson Heights, Rego Park and Ridgewood.

Flushing had the second-highest percentage of sponsor sales at about 20%, translating to 86 sponsor units sold this quarter.

Long Island City also dominated as the neighborhood where the majority of each individual unit type was sold, with studios at 92%, one-bedrooms at 68%, two-bedrooms at 59% and three-bedrooms at 75%.

But the largest downswing this quarter also occurred in Long Island City, where the median price per square foot decreased by 0.6%, from $1,383 to $1,376. Additionally, the median sales price in Long Island City increased by 1.4%, from $999,512 to $1,013,063. 

The largest quarterly upswing occurred in Rego Park, where the median price per square foot increased by 11%, from $840 to $933, but the median sales price decreased by nearly 20%, from $680,191 to $544,764.

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