The Real Deal New York

Shortage of large apartments in Queens pushing prices up

Cost of three-bedrooms 15 percent higher than last year -- if you can find them

August 12, 2014 11:55AM

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Cord Meyer condo development rendering at 108-11 Queens Boulevard

Prices for three-bedroom apartments in central Queens are heading north as families find the units hard to come by.

Home hunters can expect to pay about 10 to 15 percent more than they would have a year ago, experts told DNAinfo. The problem appears to be scarcity in the face of increasing demand.

In Forest Hills, just 28 three-bedrooms have hit the market this year, compared with 202 two-bedrooms, Vincent Koo of Exit Kingdom Realty, told the website. The average price for the larger units is $605,000.

To make up for the shortfall, some home buyers are purchasing two apartments and converting them into a single three-bedroom nut, or turning a two-bedroom into a three-bedroom, DNAinfo reported.

The demand has led developer Cord Meyer to include three-bedroom units at the Aston, its 17-story condo building at 108-11 Queens Boulevard in Forest Hills, as previously reported by the website. [DNAinfo]Tom DiChristopher

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