New developments pepper Flushing, and demand for residential, office and especially retail properties is rising to unprecedented levels.
Average retail rent in the neighborhood in the first half of 2015 reached $307 per square foot, nearly doubling the 2014 average of $150 per foot, according to CPEX Real Estate.
The jump marks a break from the slow-growth trend in Flushing. Average prices in 2011 were $142 a square foot, barely below the 2014 level, the Wall Street Journal reported.
On Main Street, retail rents have moved from an average of $65 in 2010 to $80 a square foot today, with some high-end retail shops now commanding as much as $300 to $400 per foot, said Geoffrey Bailey, of real-estate-services firm SCG Retail.
“You’re seeing a lot of new developments, new condos with incredibly strong demand at price points well above $1,000 a square foot from young, affluent millennial Asians,” Bailey Told The Wall Street Journal.
Toronto-based Onex Real Estate is developing three condominium towers at their Sky View Parc complex at 135-10 Roosevelt Avenue. It bought out its initial partner on the venture, Muss Development, late last year.
In June, Blackstone Group paid $400 million for the already-complete mall and parking garage at the site, the private equity firm’s first major foray into Queens. [WSJ] – Ariel Stulberg