LIC and Flushing are hot for condo development

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

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

Rendering of 24-12 42nd Street (Credit: Ampiera Group via YIMBY)

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.

Click to enlarge

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

A&E Real Estate Holdings principal Douglas Eisenberg and the properties along Queens Blvd and 65th Avenue (Credit: The Rego Park 18 Portfolio)

A&E Real Estate buys huge rent-stabilized portfolio at deep discount

Softbank CEO Masayoshi Son (Credit: Getty Images)

SoftBank’s $3B payout to WeWork’s investors is delayed

131-01 39th Avenue in Flushing (Credit: Google Maps)

Another megaproject coming to Flushing

From left: The Blau and Berg Company's Karine Blanc, TD and Partners' Nana Duncan and Lemor Development Group's Kenneth Morrison (Credit: Blauberg, TD+Partners and Lemor)

Black developers say partnerships aren’t always equal

John Legere (Credit: Getty Images)

WeWork reportedly in talks to hire T-Mobile exec as CEO

Queens, New York

Here are the neighborhoods where homes are flying off the shelf

85 4th Avenue in Brooklyn (Credit: Google Maps)

New details of Boerum Hill’s next big project unveiled

TF Cornerstone president Frederick Elghanayan and 595 Dean Street (Credit: CityRealty, Google Maps)

TF Cornerstone’s Prospect Heights two-tower project unveiled