Big condo filings in Queens took a dip last year. But, there’s more to the story. The 10 most expensive condo projects filed in 2019 — according to the sum of their units’ asking prices — totaled just under $744 million, down 56 percent from a year ago.
However, last year’s top 10 had a major outlier: the $1 billion-plus United Development & Construction Group project at 23-15 44th Drive. The price total for the No 2 through No. 10 Queens condo projects this year was 2% greater than that of the comparable nine projects the previous year.
Queens, particularly Long Island City, has been undergoing a residential building boom, one that intensified when Amazon announced in November 2018 that it planned to bring an office campus to the borough. Seemingly overnight, home prices in LIC surged on the news.
But last Valentine’s Day, Amazon withdrew its plans, dashing the hopes of some in the industry who had anticipated a swifter development of Queens’ waterfront.
Still, there are substantial condo projects on the horizon in the borough, from King’s USA Group’s Allura Condo in College Point — anticipating a $146 million sellout — to two Flushing developments from Pinnacle Group. Those, called the Summit at Infinity and Dorado at Infinity, are expecting sellouts of $51.5 million and $47.1 million, respectively.
10 Priciest Queens Condo Filings Accepted in 2019
|1||109-09 15th Avenue||King’s USA Group||$146M||134|
|2||24-16 Queens Plaza South||Silverback Development; AEW Capital Management||$101M||109|
|3||141-26 Northern Boulevard||Yin C. Hu||$80.9M||56|
|4||62-98 Woodhaven Boulevard||Ai Yun Chen||$73.7M||201|
|5||45-07 Court Square||Tom Wu||$73.6M||82|
|6||136-46 41st Avenue||Hua Yuan Development||$60.1M||28|
|7||5-33 48th Avenue||Circle F Capital||$56.5M||43|
|8||21-21 31st Street||Rockfarmer Properties||$54.9M||46|
|9||132-40 Sanford Avenue||Pinnacle Group||$51.5M||93|
|10||133-17 Sanford Avenue||Pinnacle Group||$47.1M||85|
Most Active Queens Developers in 2019
|Rank||developer||sq. ft.||no. of
|1||United Construction & Development Group||2,353,903.00||7|
|6||G&M Realty (aka Wolkoff Group)||1,016,851.00||1|
|9||Marx Development Group||716,867.00||1|
|10||Young Nian Group||664,279.00||1|