The top 15 commercial sales in Queens this year

The borough is on track to set a sales record in 2014

New York /
Sep.September 04, 2014 08:30 AM

It’s been a good year so far for the real estate business in Queens. In fact, the borough is on track to break a record in 2014, according to Adrian Mercado, Massey Knakal’s head of research.

“Queens is on pace for $3 billion of sales activity,” Mercado said, which would be the borough’s biggest dollar amount ever. The previous record was set in 2006, when transactions topped $2.6 billion. In 2013, the total dollar amount traded in the borough was $2.4 billion.

Ben Thypin, director of market analysis at Real Capital Analytics, which provided the information for the attached map of the top 15 largest transactions, said that the “seemingly unstoppable run-up in pricing in Manhattan and Brooklyn” is fueling investment activity in the borough.

The first half of 2014 saw about $1.6 billion in sales activity, Mercado said. The second quarter saw $750 million. Most of those sales were spurred by high volume rather than dollar amounts.

Stephen Preuss, vice president of sales at Massey Knakal, said the boom in Queens can be explained threefold: People are being priced out of Brooklyn and Manhattan, interest rates are increasing and foreign capital is flooding into the market.

“We are seeing development skyrocket,” Preuss said. With the market getting better, more product has become available. Still, demand is far outpacing supply.

Thypin added that the sale of the Citi Bank tower at One Court Square — for a price reportedly around $500 million — will likely be the biggest sale in the borough this year. And more high-dollar deals are coming down the pike. The Kew Gardens portfolio, one of the biggest multi-family sales ever in the borough, is in closed contract. That portfolio consists of 53 buildings and roughly 1,300 units.

Preuss, who primarily works in Queens and has been with Massey Knakal for eight years, said he expects this trend to continue.

The big transactions have been happening for a while in Manhattan and Brooklyn, he said. “Finally, you’re seeing it in Queens.”


Related Articles

arrow_forward_ios
Kohler Interiors' Rachel Kohler with  21-05 51st Avenue (Loopnet, Getty)
Tile retailer Ann Sacks inks 21K sf lease in Long Island City
Tile retailer Ann Sacks inks 21K sf lease in Long Island City
TF Cornerstone's Fred Elghanayan, 2-20 and 2-21 Malt Drive (Getty, SLCE Architects)
TF Cornerstone lands $725M for next Long Island City megaproject
TF Cornerstone lands $725M for next Long Island City megaproject
A photo illustration of Savanna co-chairman and president Christopher Schlank and One Court Square in Long Island City, Queens (Getty, Savanna, LoopNet)
Savanna’s LIC tower signs health care giant
Savanna’s LIC tower signs health care giant
SB Development’s Joseph Stern and Northwind’s Ran Eliasaf with rendering of Nova (LinkedIn, NOVA)
SB Development, Hazelton Capital score $62M loan for LIC condo tower
SB Development, Hazelton Capital score $62M loan for LIC condo tower
ZD Jasper Realty's Jasper Wu with 23-17 41st Avenue (ZD Jasper, Google Maps, Getty)
GTJ sells East New York warehouse; Kartsonis, Wu cut deals
GTJ sells East New York warehouse; Kartsonis, Wu cut deals
Chris Jiashu Xu and the Skyline Tower (Skyline Tower)
Some Skyline Tower condo owners say they were deceived
Some Skyline Tower condo owners say they were deceived
From left: Heatherwood Communities' Douglas Patrick and Attorney General of New York Letitia James along with 568 Union in Williamsburg (Heatherwood Communities, Getty, Twitter/CertilmanBalin)
Luxury developer to cough up $3M for underpaying workers
Luxury developer to cough up $3M for underpaying workers
One Court Square in Long Island City QNS and Savanna managing director Brian Reiver (Wikipedia, Loopnet, Getty))
Savanna’s LIC office tower nabs big tenant
Savanna’s LIC office tower nabs big tenant
arrow_forward_ios

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

Loading...