LIC and Flushing are hot for condo development

In 2017, 177 new condo units were filed in Queens so far

New York /
Mar.March 17, 2017 01:35 PM

The condominium supply in Queens received a boost in the beginning of 2017, with January and February both surpassing the 2016 average of 63 new condo units submitted per month.

There were six condo plans filed with the New York State Attorney General’s Office since the calendar turned, totaling 177 new residential units, the most of any quarter-to-date for the last six quarters.

All the new units are planned for either Long Island City or Flushing, with 121 units designated for the former and 56 for the latter. That’s in keeping with the trend from 2016, where the majority of plans were filed in Flushing, Astoria and Long Island City.

Two of the condo buildings in The Queens Plaza section of Long Island City are nearing completion. Ampiera Group’s 36-unit project at 24-12 42nd Road is slated for completion this year, and a 44-unit building by the Flushing-based Times Development at 27-05 41st Avenue is under construction as well. A third, at 25-12 37th Avenue has yet to file building permits.

In Flushing, a collection of developers, through the entity New Da Tong Realty, are bringing a 44-unit building to 35-19 Leavitt Street. The six-story building designed by Chang Hwa Tan will include ground-floor retail and substantial community space.

As for newly accepted condo units in Queens, 2016 was just about back to pre-recession levels, with 1,252 new units accepted for the year. In 2017, five projects with 159 units have entered the pipeline, with a total projected sellout of $149 million.

(To view charts of condo plans submitted and accepted in Queens in 2016, click here and here)


Related Articles

arrow_forward_ios
Before the pandemic, national tenants paid 94 percent of rent. (Getty)

Retail rent collections rebound to 90%

Retail rent collections rebound to 90%
Kirk Goodrich, president of Monadnock Development, is opposed to the bill sponsored by Bran Lander. (Getty, Monadnock Development)

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers
Cindat Capital Management CEO Greg Peng and Hersha Hospitality Trust CEO Jay Shah with 51 Nassau Street (Google Maps)

7 Manhattan hotels head to auction block

7 Manhattan hotels head to auction block
As companies leave Silicon Valley, Austin, Texas is becoming a top destination. (Getty)

Silicon Valley exodus: Where’d everyone go?

Silicon Valley exodus: Where’d everyone go?
TF Cornerstone President Frederick Elghanayan with 2-10 54th Avenue and 55-01 Second Street in Long Island City (Google Maps)

The 10 biggest new project filings in NYC

The 10 biggest new project filings in NYC
Gov. Andrew Cuomo announced that a major development surrounding Penn Station. (Getty)

Cuomo adds housing to $51B Midtown West project

Cuomo adds housing to $51B Midtown West project
Neil Shekhter (Shekhter by Kevin Scanlon; iStock)

Santa Monica mega-portfolio officially hits market

Santa Monica mega-portfolio officially hits market
Alex Sapir (Getty)

Former Sapir employee accuses company of retaliation

Former Sapir employee accuses company of retaliation
arrow_forward_ios

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

Loading...