A recent report took a look at what trends the new development market had in Queens in 2019’s third quarter.
MNS Real Estate recently released their Third Quarter New Development Report for Queens. According to their findings, Queens saw 106 new development sponsor sales this quarter, marking a 65.6 percent increase from last quarter’s 64 sales.
The borough’s total new development sales volume rose from $52,718,756 to $97,728,773 quarter-to-quarter, marking an 85.4 percent increase. While Queens’ median sales price saw a 6.5 percent decrease year-over-year, the prices saw a 7.5 percent increase quarter-to-quarter. The median price per square foot also saw increases, raising 18.9 percent quarter-to-quarter and 7.9 percent year-over-year.
Long Island City saw the most new development sales, encompassing 68.9 percent of the borough’s sales. The neighborhood’s new development at 22-18 Jackson Ave. 1002 had the borough’s highest new development sale at $2,360,000 as well as the highest price per square foot at $1,540 per square foot.
The neighborhood with the largest sales upswing this quarter was Rego Park, which saw the median sales price increasing from $634,370 to $705,593, and the price per square foot rising from $775 per square foot to $846 per square foot. The largest quarterly downswing took place in Astoria last quarter, with the median sales price decreasing from $631,000 to $555,000 and the price per square foot dropping from $1,097 to $1,055.
Read the full report at mns.com/queens_new_dev_report.
