multifamily market report

#

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QUEENSMULTIFAMILY MARKET REPORT

1st Quarter 2016

Multifamily Market Report Overview

Multifamily Market Report Overview

Released quarterly, the Queens Multifamily Market Report is organized in six distinct sections and it is

designed as a guide to the borough’s multifamily market. The report includes key market stats, the most

up-to-date quarterly sales data, and charts that give a clear picture of current market conditions.

The first section - Multifamily Market Overview - shows the borough’s quarterly sales volume and stats on

average price per square foot and per unit. Small, medium, and large multifamily buildings are also

accounted for separately and sales stats are provided for each category.

Following a list of top 25 most expensive multifamily sales, Queens neighborhoods are ranked by average

price per square foot over the past quarter. Each neighborhood has its own one-page snapshot with stats

and trends for the local multifamily market.

Table of Contents

123456

Multifamily Market Overview

Top 25 Multifamily Sales

Map of Neighborhoods

Top Neighborhoods

Sales Maps

Stats by Neighborhood

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Small (up to 10 units), Medium (between 10 and 50 units), Large (more than 50 units)

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Large multifamily

Medium multifamily

Small multifamily

-7% YoY

Transactions

18% YoY

Average price/unit

26% YoY

Average price/sq.ft.

42% YoY

Sales volume


Queens, 1st Quarter 2016

$491.8M $298 $246K 233

$291

$

$100

$200

$300

$400Average price/sq.ft.

$213M

214

190

200

210

220

230

240

250

$

$50M

$100M

$150M

$200M

$250M

$300M

Q1-2014 Q2-2014 Q3-2014 Q4-2014 Q1-2015 Q2-2015 Q3-2015 Q4-2015 Q1-2016

Sales volume / Transactions

$239

$$50

$100$150$200$250$300

Average price/sq.ft.

$51M10

0

5

10

15

20

25

$

$20M

$40M

$60M

$80M

$100M

$120M

Q1-2014 Q2-2014 Q3-2014 Q4-2014 Q1-2015 Q2-2015 Q3-2015 Q4-2015 Q1-2016


$322

$

$100

$200

$300

$400

$500Average price/sq.ft.

$228M 9

0

5

10

15

20

$

$100M

$200M

$300M

$400M

Q1-2014 Q2-2014 Q3-2014 Q4-2014 Q1-2015 Q2-2015 Q3-2015 Q4-2015 Q1-2016


1


$168


2050 29 St

15005 Northern Blvd

3225 Linden St

2425 27 St

4122 49 St

3814 108 St

13208 Sanford Ave

12-Feb-16

31-Mar-16

29-Feb-16

$3,177,242

$2,700,000

#

1

2

3

4

5

6

7

8

Address

4215 Crescent St

14220 Franklin Ave

8015 Grenfell St

8417 125 St

4129 41 St

18704 120 Ave

2030 Elk Dr

18608 120 Rd

12130 Farmers Blvd

14246 Sanford Ave

$14,500,000

$14,500,000

$13,600,000

18

19

20

21

22

23

24

25

9

10

11

12

13

14

15

16

17

$4,500,000

$4,300,000

$4,100,000

$4,000,000

$3,762,750

$3,360,000

$3,350,000

16403-16407 89 Ave

3663 37 Ave

16220 89 Ave

3090 14 St

8715 Britton Ave

4105 Skillman Ave

2351 38 St

4156 Lamont Ave

4123 24 St

8910 63 Dr

$2,550,000

$2,444,365

$2,400,000

Sale Date

17-Mar-16

11-Jan-16

25-Feb-16

25-Feb-16

21-Jan-16

03-Feb-16

06-Jan-16

03-Feb-16

03-Feb-16

29-Feb-16

27-Jan-16

16-Mar-16

08-Jan-16

16-Mar-16

01-Feb-16

Sale Price

$70,000,000

$43,000,000

$28,000,000

$25,500,000

$14,700,000

$14,500,000

$14,500,000

$8,000,000

$7,560,000

$7,000,000

$6,440,000

$4,800,000

7,850

3,007

8,350

5,169

6,270

31-Mar-16

04-Feb-16

22-Feb-16

Sq.ft.

110,743

129,304

82,091

84,605

40,800

108,300

73,806

108,300

108,300

53,727

23,100

42,880

15,475

46,464

11,830

16,160

10,100

12-Feb-16

27-Jan-16

29-Feb-16

01-Mar-16

02-Mar-16

04-Feb-16 $538

$427

$1,057

$323

$493

$390

$3936,100

Price/Sq.ft.

$632

$333

$341

$301

$360

$134

$196

$134

$134

$253

$346

$176

$452

$139

$406

$278

$426

$342

$238

12,000

16,800

22,353

6,250

Downtown Flushing

Ditmars - Steinway

Sunnyside

Corona

Downtown Flushing

Neighborhood

Hunters Point

Downtown Flushing

Kew Gardens

Kew Gardens

Sunnyside

Saint Albans

Far Rockaway

Saint Albans

Saint Albans

Downtown Flushing

Rego Park

Jamaica

LIC

Jamaica

South Astoria

Elmhurst

Sunnyside

Ditmars - Steinway

Elmhurst

LIC

Ditmars - Steinway

Murray Hill



2




Average price per square foot (past 3 years)

3

Top Neighborhoods

10

9

18

19

20

21

22

23

-

$157

-

-$117

$398

$231

$180

$245

$169

8

3

Far Rockaway 11$20,588,447$164 $196

Ditmars - Steinway

Hollis

Richmond Hill

Jamaica

Ozone Park 4

$14,802,614

$1,970,000

$5,960,000

$18,620,000

$2,044,898

$263

$231

$180

$172


$168

-

-

-

-

-

-

-

$274

5

3

34

$16,389,199

$16,360,000

$5,575,000

$2,590,000

$35,664,297

$282

$169

-

-

-

-

-

$145

-

$270

Medium

-

-

$406

$426

-

-

-

-

-

-

-

-

$452

$258

$298

$320

$337

$282

4

No. of

sales

3

5

12

5

$421

$320

$269

$315

4

30

3

7

10

Avg. price/sqft by multifamily size

Small

$488

$407

$392

$383

$350

$325

$320

-

$321

-

-

Large

$632

-

-

$320

Average

price/sq.ft.

$625

$407

$395

$375

LIC

Elmhurst

Glendale

$274

$270

Sales volume

$72,788,000

$7,222,000

$20,068,449

$23,860,000

$3,555,000

$7,972,000

$8,140,000

$64,443,054

$4,360,000

$55,140,000

$29,908,055

$2,860,000

$319

$315

$298

$296

$291

$350

$325

$320

9

#

1

2

3

4

Jamaica Hills

Ridgewood

15

16

17

Neighborhood

Hunters Point

Murray Hill

South Astoria

Sunnyside

Jackson Heights

East Elmhurst

Maspeth

Downtown Flushing

Whitestone

Kew Gardens

Corona

Bayside

10

11

12

13

14

5

6

7

8 $320

3

9

9

6

$360

-

-

-

$309

Top Neighborhoods


This is a ranking of Queens neighborhoods based on average sale price per sq.ft.

Only neighborhoods with a minimum of 3 property sales where square footage is available were considered.

4

Sales Maps


This heat map displays the price per square foot

for properties sold in the past 5 years. The areas in

dark red are the most expensive.

Price / Sq.ft.

The map displays recent sales activity. The

areas in dark blue were the most active in terms

of closed sales.

Recent sales

Sales Maps


5



0

Buildings

3

0

0-

Sales volume

$2,860,000

$0

$0-

Avg. price/sqft

$298

-

-Large

Avg. price/unit

$317,778

-

- 0

BaysideQueens, 1st Quarter 2016

Multifamily size

Small

Medium

Y-o-Y

-12%

-

Y-o-Y

-11%

-

Sales

3

0

Units

9

0

Type of Properties Sold

0% YoY

Number of Transactions

-11% YoY

Median Sale Price per Sq.ft.

-12% YoY

Sales volume

Bayside is a suburban neighborhood with the amenities of the city

including eateries and stores. Compare the bustling pace of Bayside’s

Bell Boulevard to the green streets and single-family homes a block away

and you’ll see that this neighborhood has many personalities. It’s close to

highways, Throgs Neck Bridge, and is just thirty minutes from

Manhattan.

$2.9M

$ $2M $4M $6M $8M

$10M $12M

Sales volume

$2.9M

$298

$

$100

$200

$300

$400

$500Median Sale Price per Sq.ft.

$298

3

0

2

4

6

8

10

Q1-2013 Q2-2013Q3-2013Q4-2013Q2-2014Q3-2014Q4-2014 Q1-2015 Q2-2015Q4-2015 Q1-2016


3

6



0

Buildings

30

0

0-

Sales volume

$29,908,055

$0

$0-

Avg. price/sqft

$315

-

-Large

Avg. price/unit

$282,151

-

- 0

CoronaQueens, 1st Quarter 2016

Multifamily size

Small

Medium

Y-o-Y

30%

-

Y-o-Y

23%

-

Sales

30

0

Units

106

0


7% YoY


26% YoY


8% YoY

Sales volume

Corona may be one of the most vibrant neighborhoods in Queens

thanks to the history (Malcolm X, Dizzy Gillespie, and Ella Fitzgerald all

lived here and Tiffany glass got their start here), the many ethnic foods,

and some of the best public recreational facilities around at Flushing

Meadows Corona Park. Public transportation is via the 7 train.

$29.9M

$ $10M $20M $30M $40M $50M $60M

Sales volume

$29.9M

$315

$

$100

$200

$300


$315

30

0

10

20

30

40

50Number of Transactions

30

7



0

Buildings

6

2

0-

Sales volume

$10,440,114

$4,362,500

$0-

Avg. price/sqft

$398

$145

-Large

Avg. price/unit

$298,289

$111,859

- 0

Ditmars - SteinwayQueens, 1st Quarter 2016

Multifamily size

Small

Medium

Y-o-Y

3%

-71%

Y-o-Y

9%

-71%

Sales

6

2

Units

35

39


14% YoY


-44% YoY


-51% YoY

Sales volume

The neighborhood of many names, Steinway is also known as Astoria,

Ditmars, or Long Island City. Whatever you call it, Steinway is a 400-acre

property that was initially developed by Steinway & Sons when they

expanded to Queens in 1870. Housing includes single- and multi-family

brick and frame row houses and a few dozen Victorian red brick homes.

$14.8M

$

$10M

$20M

$30M

$40MSales volume

$14.8M

$263

$

$100

$200

$300

$400


$263

8

0

5

10


8

8



2

Buildings

4

0

219067%

Sales volume

$7,843,054

$0

$56,600,00012864%

Avg. price/sqft

$421

-

$309Large

Avg. price/unit

$392,153

-

$270,813 209

Downtown FlushingQueens, 1st Quarter 2016

Multifamily size

Small

Medium

Y-o-Y

-36%

-

Y-o-Y

-16%

-

Sales

4

0

Units

20

0


200% YoY


2592% YoY


2920% YoY

Sales volume

Sometimes referred to as “the Chinese Manhattan,” Downtown Flushing

is a huge center of commerce, finance, and transportation. Shiny, brand

new buildings line the streets, including costly and highly sought-after

condos. Residents love the 24/7 vibe, specialty stores, eateries, bakeries,

and quick and easy transportation to Manhattan.

$64.4M

$

$50M

$100M

$150MSales volume

$64.4M

$320

-$200$

$200$400$600$800

$1,000$1,200


$320

6

0

2

4

6


6

9



0

Buildings

9

0

0-

Sales volume

$7,972,000

$0

$0-

Avg. price/sqft

$325

-

-Large

Avg. price/unit

$284,714

-

- 0

East ElmhurstQueens, 1st Quarter 2016

Multifamily size

Small

Medium

Y-o-Y

56%

-

Y-o-Y

42%

-

Sales

9

0

Units

28

0


-31% YoY


42% YoY


-5% YoY

Sales volume

In a city where nothing ever stays the same, there are a few exceptions.

East Elmhurst is one of them. The neighborhood is made up of small

stucco and Cape Cod homes and, according to the census, residents stay

longer in their East Elmhurst homes than in any of the other 2,000 census

tract areas. Most homes are two-story single-family residences.

$8.0M

$

$2M

$4M

$6M

$8M

$10MSales volume

$8.M

$325

$

$100

$200

$300


$325

9

0

5

10


9

10



0

Buildings

8

2

0-

Sales volume

$7,860,000

$8,500,000

$0-

Avg. price/sqft

$337

$258

-Large

Avg. price/unit

$291,111

$229,730

- 0

ElmhurstQueens, 1st Quarter 2016

Multifamily size

Small

Medium

Y-o-Y

13%

-

Y-o-Y

20%

-

Sales

8

2

Units

27

37


-47% YoY


4% YoY


-37% YoY

Sales volume

Elmhurst is a mixture of old multi-family homes, co-ops, and apartment

buildings. It’s one of the most diverse areas of Queens and has more

subway options than any other neighborhood in Queens except Long

Island City. Gas Tank Park is its six-acre park with lush landscaping and

recreational opportunities.

$16.4M

$ $10M $20M $30M $40M $50M $60M

Sales volume

$16.4M

$291

$

$100

$200

$300


$291

10

05

1015202530


10

11



1

Buildings

11

0

1-

Sales volume

$6,088,447

$0

$14,500,000-

Avg. price/sqft

$117

-

$196Large

Avg. price/unit

$132,358

-

$179,012 81

Far RockawayQueens, 1st Quarter 2016

Multifamily size

Small

Medium

Y-o-Y

68%

-

Y-o-Y

33%

-

Sales

10

0

Units

46

0


-15% YoY


87% YoY


413% YoY

Sales volume

Folks searching for a wide variety of housing types find just what they’re

looking for in the Far Rockaway neighborhood of Queens. While one

street may have 1900s shingle homes, the next street may have Dutch

Colonial wood-frame homes that’ve been adapted for two families, and

the street on the other side could be all stucco-fronted Cape Cods.

$20.6M

$

$20M

$40M

$60M

$80MSales volume

$20.6M

$164

$

$50

$100

$150

$200


$164

11

0

5

10

15

20


11

12



0

Buildings

5

0

0-

Sales volume

$5,575,000

$0

$0-

Avg. price/sqft

$282

-

-Large

Avg. price/unit

$242,391

-

- 0

GlendaleQueens, 1st Quarter 2016

Multifamily size

Small

Medium

Y-o-Y

6%

-

Y-o-Y

-3%

-

Sales

5

0

Units

23

0


25% YoY


3% YoY


-35% YoY

Sales volume

The upper-middle-class community of Glendale has no connection to the

NYC subway system but has plenty of trees, parks, and a cooler

microclimate than other neighborhoods in Queens. Made up of three

areas, Upper, Middle, and Lower, this is a community with many different

facets, historic housing styles, and a wealth of restaurants and shops.

$5.6M

$

$2M

$4M

$6M

$8M

$10MSales volume

$5.6M

$282

$

$100

$200

$300


$282

5

0

2

4

6

8


5

13



0

Buildings

3

0

0-

Sales volume

$1,970,000

$0

$0-

Avg. price/sqft

$231

-

-Large

Avg. price/unit

$218,889

-

- 0

HollisQueens, 1st Quarter 2016

Multifamily size

Small

Medium

Y-o-Y

36%

-

Y-o-Y

43%

-

Sales

3

0

Units

9

0


50% YoY


43% YoY


104% YoY

Sales volume

Located on the southeastern border of Queens, Hollis is accessible by the

Long Island Rail Road at the Hollis Station, which is served primarily by

the Hempstead Branch. There are also numerous buses throughout the

area and a nearby subway stop at Jamaica Center that serves the E, J, and

Z trains. Most properties are single-family homes.

$2.0M

$ $5M

$10M $15M $20M $25M $30M

Sales volume

$2.M

$231

$$50

$100$150$200$250$300


$231

3

0

2

4

6

8

Q1-2013 Q3-2013Q4-2013 Q1-2014 Q3-2014Q4-2014 Q1-2015 Q2-2015Q3-2015Q4-2015 Q1-2016


3

14



1

Buildings

2

0

1-

Sales volume

$2,788,000

$0

$70,000,000-

Avg. price/sqft

$488

-

$632Large

Avg. price/unit

$348,500

-

$560,000 125

Hunters PointQueens, 1st Quarter 2016

Multifamily size

Small

Medium

Y-o-Y

-

-

Y-o-Y

-

-

Sales

2

0

Units

8

0


-


-


-

Sales volume

Just one subway stop away from Midtown, Hunters Point is in the

process of being transformed into a premier residential neighborhood.

Home to both the only skyscraper in Queens and the NY State Supreme

Court House, this area is diverse, bustling, and offers many restaurants,

bars, art galleries, and green spaces.

$72.8M

$

$20M

$40M

$60M

$80MSales volume

$72.8M

$625

$

$200

$400

$600


$625

3

0

1

2

3

4

5

6

Q1-2013 Q2-2013Q3-2013Q4-2013Q2-2014Q3-2014Q4-2014Q2-2015Q3-2015Q4-2015 Q1-2016


3

15



0

Buildings

3

0

0-

Sales volume

$3,555,000

$0

$0-

Avg. price/sqft

$350

-

-Large

Avg. price/unit

$323,182

-

- 0

Jackson HeightsQueens, 1st Quarter 2016

Multifamily size

Small

Medium

Y-o-Y

31%

-

Y-o-Y

25%

-

Sales

3

0

Units

11

0


-40% YoY


25% YoY


-24% YoY

Sales volume

With several subway stations – and situated only three stops from

Midtown – Jackson Heights is a popular neighborhood that makes

commuting a breeze. The neighborhood has a population of over

100,000 people. Residents support their local bakeries, legal offices,

salons, restaurants, and shops.

$3.6M

$

$20M

$40M

$60M

$80M

$100MSales volume

$3.6M

$350

$

$100

$200

$300


$350

3

0

5

10

15


3

16

-

Sales volume

$4,620,000

$14,000,000

$0-

Avg. price/sqft

$245

$157

-Large

Avg. price/unit

$210,000

$170,732

- 0

JamaicaQueens, 1st Quarter 2016

Multifamily size

Small

Medium

Y-o-Y

38%

88%

Y-o-Y

21%

-9%

Sales

7

2

Units

22

82



0

Buildings

7

2

0


-10% YoY


-4% YoY


83% YoY

Sales volume

Named the hottest neighborhood in NYC in 2015, Jamaica offers easy

access to the subway and Long Island Railroad, has relatively low prices,

and features a wide array of parks, ponds, eateries, and stores. Homes

vary from single-family mansions to cramped multi-family homes and

though prices are on the rise they’re still within reach for most.

$18.6M

$

$10M

$20M

$30M

$40MSales volume

$18.6M

$172

$

$50

$100

$150

$200


$172

9

0

5

10

15


9

17



Large

Avg. price/unit

$287,778

-

-

98%

-

Y-o-Y

133%

-

Sales

3

0

Units

9

0

0

Buildings

3

0

0-

Sales volume

$2,590,000

$0

$0-

Avg. price/sqft

$274

-

- 0

Jamaica HillsQueens, 1st Quarter 2016

Multifamily size

Small

Medium

Y-o-Y


200% YoY


133% YoY


494% YoY

Sales volume

As the name implies, there are plenty of hills in Jamaica Hills, which offer

incredible views and cozy breezes on hot summer nights. Most housing

stock is made up of single-family homes though some three- and four-

story multi-family buildings have been developed in the past decade.

Transport options include subway service and a LIRR station.

$2.6M

$

$500,000

$1M

$2M

$2M

$3M

$3M

Q2-2013 Q4-2013 Q2-2014 Q3-2014 Q4-2014 Q1-2015 Q3-2015 Q4-2015 Q1-2016

Sales volume

$2.6M

$274

$

$100

$200

$300

$400

Q2-2013 Q4-2013 Q2-2014 Q3-2014 Q4-2014 Q1-2015 Q3-2015 Q4-2015 Q1-2016


$274

3

0

1

2

3

4

Q2-2013 Q4-2013 Q2-2014 Q3-2014 Q4-2014 Q1-2015 Q3-2015 Q4-2015 Q1-2016


3

18

$269

-

$321Large

Avg. price/unit

$273,333

-

$226,695

Kew GardensQueens, 1st Quarter 2016

Multifamily size

$53,500,000-

Avg. price/sqft

236

Medium

Y-o-Y

156%

-

Y-o-Y

250%

-

Sales

2

0



2

Buildings

2

0

2-

Sales volume

Small 6

0

$1,640,000

$0

Units


300% YoY


315% YoY


17131% YoY

Sales volume

The small, charming neighborhood of Kew Gardens is smack dab in the

middle of Queens and is known for its curving streets. With a diverse,

middle-class population, housing options are various: garden

apartments, co-ops, multi-family homes, and single-family homes.

There’s a station on the Long Island Railroad and lots of green space.

$55.1M

$ $10M $20M $30M $40M $50M $60M

Sales volume

$55.1M

$319

$

$100

$200

$300

$400


$319

4

0123456


4

19


Large

Avg. price/unit

$255,748

$241,379

$47,630

LICQueens, 1st Quarter 2016

Multifamily size

Small

Medium


1

Buildings

5

1

1-

Sales volume

$5,626,449

$7,000,000

$3,762,750-

Avg. price/sqft

$320

$452

$168 79

29

Y-o-Y

1%

33%

Y-o-Y

-18%

74%

Sales

5

1

Units

22


-30% YoY


-10% YoY


8% YoY

Sales volume

Long Island City, often referred to as simply LIC, offers extra-wide

roadways, sprawling greenery, and incredible architecture everywhere

you look – including on fences, walls, and siding. This artsy

neighborhood is home to several galleries, show spaces, and artists.

Once an industrial hub, there are many expansive converted lofts here.

$16.4M

$

$5M

$10M

$15M

$20MSales volume

$16.4M

$296

$

$100

$200

$300

$400


$296

7

02468

1012


7

20


Sales

9

0

0

Buildings

9

0

0

Y-o-Y

41%

-

-

Sales volume

$8,140,000

$0

$0

Y-o-Y

18%

-


-

Avg. price/sqft

$320

-

-

MaspethQueens, 1st Quarter 2016

Multifamily size

Small

Medium

Large

Avg. price/unit

$271,333

-

-

Units

30

0

0


200% YoY


41% YoY


254% YoY

Sales volume

Referred to by locals as “old-school Queens,” Maspeth is full of

restaurants and small, locally owned shops. The Maspeth Plateau is the

last high ground in Queens and has excellent views of the Manhattan

skyline. There is no direct subway access but Middle Village’s M station is

reasonably close by. Parks and green spaces are aplenty.

$8.1M

$ $2M $4M $6M $8M

$10M $12M

Sales volume

$8.1M

$320

$

$100

$200

$300


$320

9

0

5

10


9

21



0

Buildings

5

0

0

-

-Large

Avg. price/unit

$380,105

-

-

Murray HillQueens, 1st Quarter 2016

Multifamily size

Small

Medium

Y-o-Y

1%

-

Y-o-Y

20%

-

Sales

5

0

Units

19

0

0-

Sales volume

$7,222,000

$0

$0-

Avg. price/sqft

$407


-17% YoY


68% YoY


-67% YoY

Sales volume

A part of Flushing, Murray Hill in Queens should not be confused with

the more famous Murray Hill in Manhattan. The Queens version is just

beyond the end of the number seven subway line and housing options

are mostly limited to midrise brick apartments and single-family houses.

It’s an affordable, low-key, quiet neighborhood that’s transitioning.

$7.2M

$ $20M $40M $60M $80M

$100M $120M

Sales volume

$7.2M

$407

$

$100

$200

$300

$400


$407

5

0

5

10

15


5

22

$0-

Avg. price/sqft

$169

-

-Large

Avg. price/unit

$170,408

-

-

Ozone ParkQueens, 1st Quarter 2016

12$2,044,898

$0 0

0



0

Buildings

4

0

0-

Sales volumeMultifamily size

Small

Medium

Y-o-Y

25%

-

Y-o-Y

-9%

-

Sales

4

0

Units


-20% YoY


-9% YoY


-25% YoY

Sales volume

The densely populated Ozone Park has a mix of single-family and

multifamily houses, with a few small apartment buildings mixed in.

Residents have easy access to the Belt Parkway and the A subway line.

While parking is challenging on the commercial thoroughfares, it’s easy

to find a space on residential streets. Atlantic Avenue has many local

businesses.

$2.0M

$

$2M

$4M

$6M

$8MSales volume

$2.M

$169

$

$50

$100

$150

$200


$169

4

0

5

10


4

23


0

Richmond HillQueens, 1st Quarter 2016

Multifamily size

Small

Medium

Large

Avg. price/unit

$186,250

-

-

Y-o-Y

-2%

-

-

Avg. price/sqft

$180

-

-

Y-o-Y

-16%

-

-

Sales volume

$5,960,000

Units

32

0

0


$0

$0

Sales

10

0

0

Buildings

10

0


67% YoY


-16% YoY


50% YoY

Sales volume

Lined with Victorian-era homes, the streets of Richmond Hill are made

up primarily of single- and multi-family homes and a few apartments.

The northern border of Richmond Hill has larger homes with adorned

gables and impressive verandas. This neighborhood is well-served by the

subway and commuters can get directly to Manhattan in an hour.

$6.0M

$

$5M

$10M

$15M

$20MSales volume

$6.M

$180

$

$50

$100

$150

$200


$180

10

0

5

10

15


10

24

Medium

Large

Avg. price/unit

$236,187

-

-

Y-o-Y

14%

-

-

RidgewoodQueens, 1st Quarter 2016

Multifamily size

Small

Avg. price/sqft

$270

Sales

34

0

0

Buildings

34

0

0

Units

151

0

0

-

-

Y-o-Y

11%

-

-

Sales volume

$35,664,297

$0

$0




6% YoY


-6% YoY


-31% YoY

Sales volume

Ridgewood feels more like Brooklyn than Queens, thanks to the many

brick and stone two-story homes built in the early 20th century. This is a

high-density area that’s close to Williamsburg and is less than 45

minutes from Manhattan. There are no condos and few single-family

homes. Transportation options include local and express buses and

trains.

$35.7M

$

$20M

$40M

$60M

$80MSales volume

$35.7M

$270

$

$100

$200

$300


$270

34

0

10

20

30

40


34

25

South AstoriaQueens, 1st Quarter 2016

Multifamily size

Small

Medium

Large

Avg. price/unit

$293,624

$282,353

-

Y-o-Y

8%

-1%

-

Avg. price/sqft

$392

$406

-

Y-o-Y

35%

12%

-

Sales volume Units

52

17

0

Sales

11

1

0

Buildings

11

1

0



$15,268,449

$4,800,000

$0


-25% YoY


21% YoY


-58% YoY

Sales volume

Located on the East River, South Astoria has a population of more than

150,000 and is often referred to as Ditmars by its residents. Four-story

buildings are a rarity and parking is relatively easy to find. Ditmars

Boulevard is the main strip and is lined with both houses and shops.

South Astoria is home to the oldest and largest swimming pool in NYC.

$20.1M

$

$50M

$100M

$150M

$200M

$250MSales volume

$20.1M

$395

$$100$200$300$400$500$600


$395

12

0

10

20

30


12

26


1

Multifamily size

Small

Medium

Large

Avg. price/unit

$270,000

$268,750

$294,000

Y-o-Y

16%

Buildings

3

1

1

Sunnyside

Units

18

16

50


Y-o-Y

34%

-

-

Sales volume

$4,860,000

$4,300,000

$14,700,000

Sales

3

1-

-

Avg. price/sqft

$383

$426

$360



67% YoY


31% YoY


752% YoY

Sales volume

Just fifteen minutes from Manhattan via the #7 subway, Sunnyside is a

small neighborhood with an urban feel that includes numerous six-story

buildings. There are many transportation options, tons of restaurants,

and housing options include co-ops, single-family and multifamily

homes, and a wealth of rental apartments.

$23.9M

$ $20M $40M $60M $80M

$100M $120M

Sales volume

$23.9M

$375

$

$100

$200

$300


$375

5

0

2

4

6

8


5

27

9%

-

Buildings

4

0

0

Units

12

0

0-

Avg. price/sqft

$320

-

-

Y-o-Y


-

Sales volume

$4,360,000

$0

$0

Sales

4

0

0


WhitestoneQueens, 1st Quarter 2016

Multifamily size

Small

Medium

Large

Avg. price/unit

$363,333

-

-

Y-o-Y

10%

-


300% YoY


9% YoY


340% YoY

Sales volume

A good neighborhood for highway access, Whitestone includes both

multi-million dollar waterfront mansions and modest single and multi-

family homes with a few apartment buildings throughout. There are no

subway stations within Whitestone but Flushing is nearby and provides

access to the subway and the Long Island Rail Road.

$4.4M

$

$2M

$4M

$6M

$8M

$10MSales volume

$4.4M

$320

$

$100

$200

$300

$400


$320

4

0

1

2

3

4

5

Q1-2013 Q2-2013Q4-2013 Q1-2014 Q2-2014Q3-2014Q4-2014 Q1-2015 Q3-2015Q4-2015 Q1-2016


4

28

Attractions


Rockaway Beach

Attractions


Flushing Meadow

29

multifamily market report

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