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| CAIRO, JOEL : FREELANCE NYDAILY /CAIRO, JOEL |
Real estate investment in Queens was up in a major way in 2014, a new study shows.
Large scale property sales in Queens were booming in 2014, according to a new study released Wednesday.
The borough was home to more than $3.65 billion worth of investment-related sales, as real estate insiders looked to take advantage of Queens’ growing population and development potential.
“Queens presents developers with an opportunity for large scale development,” said Daniel Wechsler, vice president of Ariel Property Advisors, which conducted the study.
“Manhattan and Brooklyn have become nearly impossible to get a yield out of,” he added.
There were about 700 large real estate sales in Queens last year — a 29% increase that was the highest in the city, according to the study.
About one-third of the money spent on sales in the borough were related to development sites.
Wechsler pointed to increasing prices that have spread from Long Island City and Astoria to neighborhoods like Sunnyside, Woodside and Elmhurst.
The value of sales in Queens still lagged far behind the more high-profile real estate markets in Brooklyn ($6 billion) and Manhattan ($31.8 billion).
Written By ELI ROSENBERG erosenberg@nydailynews.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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