Astoria draws homebuyers even as LIC cools off

New York /
Mar.March 16, 2012 10:00 AM

While Long Island City dominates the Queens development landscape, nearby Astoria has quietly flourished, according to the Wall Street Journal. While average home prices in LIC and New York City as a whole declined 7 percent and 11 percent, respectively between the fourth quarters of 2010 and 2011, Astoria prices actually grew 5 percent to $414,000.

More new developments have been built in the neighborhood in recent years, such as Plaza 21, the Livelle and Norwood, but the area still maintains its middle-class charm, the Journal said. In fact, Modern Spaces CEO Eric Benaim said he brings many buyers priced out of Long Island City to the ethnic outpost.

In 2010, the city worked to maintain that charm, rezoning much of Astoria to restrict building heights to three- to five-stories on side streets and eight stories on major thoroughfares.

In perhaps the best sign of the neighborhood’s appeal, a new development that sits on the border of LIC and Astoria, called the Santorini, has quickly sold 60 percent of its units by billing its location as Astoria. [WSJ]


Related Articles

arrow_forward_ios
State senator Michael Gianaris with 21-12 30th Road (NY Senate, Marner Architecture, Getty)
Astoria redevelopment gets intergalactic
Astoria redevelopment gets intergalactic
New York City Council member Tiffany Cabán along with a rendering of the Hallets North development (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images, Studio V Architecture PLLC)
Far-left Council member approves 1,400-unit Queens development
Far-left Council member approves 1,400-unit Queens development
Ascent Development’s Tien Vominh and Modern Spaces' Eric Benaim with 45-30 Davis Street (LinkedIn, Modern Spaces, Marvel Architects)
Modern Spaces sues developer over LIC exclusivity agreement
Modern Spaces sues developer over LIC exclusivity agreement
Illustration of Astoria Park, Queens (Getty)
TRD Pro: Ranking Queens’ top neighborhoods by average sale price
TRD Pro: Ranking Queens’ top neighborhoods by average sale price
The Horace Gifford designed beach front home Fire Island. (OneKey MLS)
Modernist Fire Island beach house designed by Horace Gifford hits market for $3.75M
Modernist Fire Island beach house designed by Horace Gifford hits market for $3.75M
NYC Council District 26 Representative Julie Won (NYC Council District, Innovation QNS)
Lines being drawn for $2B Queens development
Lines being drawn for $2B Queens development
2-24 26th Avenue in Queens (Google Maps)
Developer planning 137-unit mixed-use building for empty Astoria lot
Developer planning 137-unit mixed-use building for empty Astoria lot
Robert De Niro, Bjarke Ingels and rendering of Wildflower Studios (Bjarke Ingels Group, iStock, Getty Images)
De Niro’s Wildflower Studios development gets DOB blessing
De Niro’s Wildflower Studios development gets DOB blessing
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...