The Real Deal New York

Record-setting building in Jackson Heights fully leased

Broker: "We’re starting to see Queens explode the way Brooklyn did"

August 29, 2014 09:00AM

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40-07 73rd Street

40-07 73rd Street

High-end living is on the rise in Queens. 

All units at the Roosevelt, located at 40-07 73rd Street, have now been leased, the New York Daily News reported. The units were on the market for less than a year.

A new record was set when a penthouse apartment in the 31-unit Jackson Heights building rented for $4,100 a month. Rentals at the property start at $2,400 a month. Overall, rents for two-bedrooms in the area have risen 30 percent in two years. All units at the Roosevelt are two-bedrooms with private outdoor terraces.

JMC Holdings paid $20 million for the six-story property in 2013.

“My phone is ringing pretty much every day with developers looking to do something similar,” broker Michael Schulte told the Daily News. “We’re starting to see Queens explode the way Brooklyn did three years ago.” [NYDN] – Claire Moses

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