MNS Real Estate reported its fourth-quarter findings on the Queens market, observing a 56.19% decrease in new development sales from the previous quarter.
Within the real estate sales in Queens, Long Island City takes both the highest sale price and the highest price per square foot.
“Sales PPSF [price per square foot] is going to continue to rise as is the PPSF for rentals; there is better product coming to the area, and the area continues to fill in with restaurants, shops and nightlife,” said Andrew Barrocas, CEO of MNS.
The largest quarterly upswing occurred in Long Island City: the median price per square foot increased by 6.2% from $1,493 to $1,586, and the median sales price increased by 15.7% from $1,072,149 to $1,240,128, according to MNS.
Fifty percent of studios sold in Queens were in Long Island City and Forest Hills, according to MNS. The majority of one-bedroom sales took place in Long Island City, Forest Hills and Flushing. The majority of three-bedroom units were sold in Astoria.
As a result of numerous closings in Long Island City, like Skyline Tower and Star Tower, Flushing took over the majority of Queens’ sponsor sales; 36.36% of the sponsor sales occurred in Flushing, according to MNS.
Flushing’s median price per square foot is $839, and its prices have been slowly declining since 2018. Barrocas stated that Flushing buyers are looking to move out of the area and into neighborhoods, such as Forest Hills, for better real estate.
