2 www.qns.com • QUEENS BUSINESS • March 2017 REAL ESTATE Prices for Queens commercial spaces skyrockets 116%: report BY ANGELA MATUA [email protected] @AngelaMatua Residential real estate prices have steadily been increasing in Queens over the last few years, and a new report found that developers are also willing to pay more for commercial space in the “World’s Borough.” According to CommercialCafe‘s 2016 Commercial Report, Queens had a total of 13 commercial space transactions with an average of $762 per square foot. Th at number marks a 28 percent increase from 2015 when the average was $633 and a 116 percent increase since 2012 when the average price was $353. Not surprisingly, the raw data shows that many of the transactions in from 2012 through 2016 occurred in Long Island City, Astoria and Flushing. In 2016, these neighborhoods accounted for 11 of the 14 transactions. In Long Island City, the average price per square foot was $647. In Flushing that number was almost double at $1379 and the transactions in Astoria refl ected numbers seen in 2012, with the average price per square foot at $366. Southeast Queens has one transaction at $271 per square foot, which increased from $160 in 2014. Th ere have been announcements of several new offi ce spaces being constructed in western Queens, especially Long Island City. But the city wants more and is expected to rezone sections of the neighborhood to encourage developers to build more commercial space rather than residential. At a meeting to announce the possible rezoning, several business owners argued that their rent was increasingly going up and City Planning offi cials attributed this spike to the lack of offi ce space in the neighborhood. “Zoning right now only allows market-rate housing,” said Penny Lee, senior planner for Queens. “So we can do nothing and allow development to continue as it is and not get any aff ordable and not try and encourage offi ce space to relieve pressure, or we can do a study like this and look at ways of applying an aff ordable housing requirement and look at ways to encourage offi ce development so we can get a more equitable neighborhood.” In Manhattan, price per square A warehouse will be renovated to house offi ce space at 11-20 46th Rd. in Long Island City. foot climbed to a fi ve year high at $1,531. Citywide, 128 offi ce buildings were sold in 2016 for a total of $21.1 billion. Th e study analyzed commercial offi ce transactions of more than $5 million and offi ce buildings Photo courtesy of Caerus Group and spaces of over 5,000 square feet, from 2012 to 2016, based on Yardi Matrix and PropertyShark sales and proprietary research. Th e sales included were recorded up until Jan. 25, 2017. Sales in Queens HOMES COOPS CONDOS Listings and photos courtesy MLSLI NORTHEAST NORTHWEST SOUTHEAST SOUTHWEST FRESH MEADOWS ASTORIA JAMAICA REGO PARK Under $500,000 162-10 Powells Cove Blvd., Beechhurst $360,000 Co-op 2 bedrooms, 1 bathroom Angela Lopresto Douglas Elliman Real Estate $500,000-900,000 22-31 126th St., College Point $748,888 1-family home 3 bedrooms, 2 bathrooms Anthony Skoros Suydam Agency Over $900,000 77-38 169th St., Fresh Meadows $2,790,000 2-family Colonial 8 bedrooms, 2 full-baths, 3 half-baths Chun Hsuih RE/MAX Universal Real Estate Under $500,000 39-76 57th St., Woodside $333,000 Co-op 1 bedroom, 1 bathroom Stavroula Angelidis Realty Executives Today $500,000-900,000 32-86 41st St., Astoria $725,000 Condo 1 bedroom, 1 bathroom Bianca Colasuonno NY Space Finders Inc. Over $900,000 37-33 11th St., Long Island City $1,498,000 2-family home 4 bedrooms, 2 bathrooms Alba Vollo Century Homes Realty Group Under $500,000 168-50 118th Road, Jamaica $479,000 1-family ranch 4 bedrooms, 2 bathrooms Navin Sookra Prestige Homes NY Inc $500,000-900,000 225-30 111th Ave., Queens Village $659,000 1-family high ranch 4 bedrooms, 2 bathrooms Gurdeep Singh Omni Realty Corp Over $900,000 84-50 249th St., Bellerose $1,249,000 1-family mansion 5 bedrooms, 4 bathrooms Derek Eisenberg Continental Real Estate Group PICTURED LISTING Under $500,000 105-25 65th Ave., Forest Hills $468,000 Co-op 2 bedrooms, 1 bathroom Mohammed Ali Rizvi Keller Williams Realty Gold Coast $500,000-900,000 53-17 63rd St., Maspeth $709,000 1-family ranch 2 bedrooms, 1 ½ bathrooms Vincent O Connell RE/MAX Team Over $900,000 85-24 67th Ave., Rego Park $1,188,888 2-family home 4 bedrooms, 2 ½ bathrooms Mark Shakarov Winzone Realty
QB032017
To see the actual publication please follow the link above