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Photo courtesy of Scott Bintner/PropertyShark
Standard Motors Building
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Firms and individuals shelled out about $3.65 billion last year to buy Queens investment properties—large-scale real estate costing at least $850,000— which is a 25 percent increase from 2013, according to a report by Ariel Property Advisors.
The study pointed out that about one-third of the investment properties in Queens last year were development sites, which alone accounted for more than $1 billion or a 191 percent gain when compared to 2012.
“Queens still presents developers with the opportunity to produce large scale developments and they are willing to pay a premium for prime sites,” said Daniel Wechsler, vice president of Ariel Property Advisors.
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| Photo courtesy of Ariel Property Advisors |
The report found that 925 properties were traded during the year, which is also a 25 percent year-over-year increase.
Some of the year’s highest profile transactions include the $110 million sale of the Standard Motors Building in Long Island City, which traded for just $70 million in 2008, and the sale of a 53-building portfolio in Kew Gardens Hills for $216 million.
There was also the $26.5 million sale of a garage near Queens Place mall in Elmhurst , which has about 227,352 buildable square feet.
Click here to read the full report.
Written By Liam La Guerre | lguerre@queenscourier.com
Douglas Elliman Realty, Long Island City Office
47-37 Vernon Blvd, Long Island City, NY 11101
Harvey's Long Island City Real Estate Blog
“Queens is the new Brooklyn. People are seeking affordability and Queens is benefiting.”
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