Residential development to boom in Queens: survey

Oct.October 20, 2013 04:00 PM

A survey of New York City’s top developers reveals that Queens will continue to be a hotspot for new development. The survey, conducted by the Marketing Directors, found that roughly 50 percent of developers believe Queens will see the strongest growth in residential development outside Manhattan. Nearly 20 percent of those identified Long Island City specifically.

“There is a demand for Queens,” Martin Brady, a vice president at the Marketing Directors, told the New York Daily News. “The land is cheaper and more available.”

After Queens, 24 percent of the surveyed developers named Brooklyn as the biggest growth site for new residential development, while 21 percent claimed that New Jersey would be the next to boom. Only 5 percent of developers named Staten Island.

“I call Queens the new Brooklyn,” real estate appraiser Jonathan Miller said. “What you’re seeing is this never-ending search for greater affordability.” [NYDN]Christopher Cameron

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