Queens condo plans fall slightly but still sit at nine-year high

Developers submitted plans for 533 units, the second-highest amount since 2008’s first quarter

New York /
Aug.August 09, 2017 08:00 AM

The number of Queens condominium units submitted for approval fell slightly in the second quarter, but remains close to a nine-year high.

Developers filed plans for 533 residential units spread across nine projects in April, May and June, according to The Real Deal’s analysis of data from the New York State Attorney General’s office. This was higher than all but five quarters over the past decade: the first, second and fourth from 2007, the first from 2008 and the first of 2017.

The bulk of condo plans in this most recent quarter were filed in Long Island City and Flushing, which had a combined five projects and 384 units. Both Queens neighborhoods have proven to be popular locales for condos and large projects such as Flushing Commons and 5Pointz.

The biggest condo plan filed was the 182-unit Star Tower condominium at 27-17 42nd Road from Anthony Hu’s Eastern Star Development. The project’s $253.3 million targeted sellout would make it one of the priciest ever in Long Island City.

Developer George Xu also filed plans this past quarter for a 101-unit condo called The Farrington at 134-37 35th Avenue, and Xin Lin filed plans for a 55-unit condo in Flushing at 145-38 34th Avenue called The Grandview Commons Condominium as well. Xu previously told The Real Deal that he plans to live in The Farrington himself.

Accepted condo plans in Queens for the second quarter totaled 255 units and approximately $300 million. There were 11 projects approved in total, including the $45.2 million 56-unit Verona Condominium at 21-17 31st Avenue in Astoria and WFI Realty Company’s $29.1 million 44-unit project at 87-22 51st Avenue in Long Island City.

To view an interactive chart of Queen’s submitted condos, click here


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