Queens’ Court Square sees residential boom

TRD New York /
Feb.February 18, 2013 11:15 AM

An explosion of residential development is transforming the once quiet industrial and commercial neighborhood of Court Square, Queens. According to the New York Daily News, more than 3,500 residential units are set to rise in the area over the next five years.

The neighborhood has seen housing prices grow by nearly 30 percent in the last three years — from $550 to nearly $850 per square foot — and begun to see two-bedrooms sell for as much as $770,000.

“It’s definitely become the new ‘it’ neighborhood for Queens,” Eric Benaim, founder of Modern Spaces, a real estate agency with roots in the borough, said. “Artists and families know they get more for their dollar than Brooklyn and Manhattan. It’s still gritty and cool with great value.”

Rockrose Development has already invested almost $1 billion into four projects in Court Square. The developer is currently building a 700-plus unit rental building, known as Linc LIC, with a 30th-floor tenant lounge and a roof deck, as well as, a 15,000-square-foot supermarket.

“This could become one of the great New York City entertainment hubs,” Rockrose president Justin Elghanayan said. “The neighborhood has it all – easy transportation to Manhattan, great culture, and room to grow.” [NYDN]Christopher Cameron


Related Articles

arrow_forward_ios
Queens, New York

Here are the neighborhoods where homes are flying off the shelf

The development site at 98 Dekalb Avenue and Rockrose Development's Justin and Henry Elghanayan (Credit: Google Maps)

Rockrose is moving into Brooklyn

Court Square Place at 24-01 44th Road in Queens and The New York Times' A.G. Sulzberger (Credit: Google Maps and Getty Images)

All the news that’s fit for Queens: NYT inks lease in Long Island City

Public defender Tiffany Cabán and Queens Borough President Melinda Katz (Credit: Getty Images)

Queens DA race: Armies of volunteer socialists, national endorsements and radioactive real estate money

Is Modern Spaces CEO Eric Benaim the brokerage king of Queens?

Is Modern Spaces CEO Eric Benaim the brokerage king of Queens?

Rockrose paves the way for Hudson Yards rental tower with $20M air rights deal

Rockrose paves the way for Hudson Yards rental tower with $20M air rights deal

With more condos rolling down the pipeline, LIC resi brokerages jostle for business

With more condos rolling down the pipeline, LIC resi brokerages jostle for business

Analysis: These resi brokerages are primed to cash in on Amazon’s LIC move

Analysis: These resi brokerages are primed to cash in on Amazon’s LIC move

arrow_forward_ios
Loading...