The Real Deal New York

LIC and Flushing are hot for condo development

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

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.

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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)