Queens new development overview

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

1109-09 15th AvenueKing’s USA Group$146M134
224-16 Queens Plaza SouthSilverback Development; AEW Capital Management$101M109
3141-26 Northern BoulevardYin C. Hu$80.9M56
462-98 Woodhaven BoulevardAi Yun Chen$73.7M201
545-07 Court SquareTom Wu$73.6M82
6136-46 41st AvenueHua Yuan Development$60.1M28
75-33 48th AvenueCircle F Capital$56.5M43
821-21 31st StreetRockfarmer Properties$54.9M46
9132-40 Sanford AvenuePinnacle Group$51.5M93
10133-17 Sanford AvenuePinnacle Group$47.1M85
Source: First published in December 2019 on TheRealDeal.com. TRD analysis of NYS Attorney General data for condo projects filed in Queens in 2019. Sellout price is the current price.

Most Active Queens Developers in 2019

Rankdevelopersq. ft.no. of
1United Construction & Development Group2,353,903.007
2Durst Organization1,429,303.005
3TF Cornerstone1,201,447.002
4BRP Development1,047,258.003
5Gotham Organization1,045,249.002
6G&M Realty (aka Wolkoff Group)1,016,851.001
7Stawski Partners937,956.002
8Phipps Houses832,973.003
9Marx Development Group716,867.001
10Young Nian Group664,279.001
Source: TRD analysis of NYC Dept. of Buildings filings for projects that had not yet been issued a temporary certificate of occupancy as of mid-January 2020 and were considered “active” or “delayed.” Projects that were filed and gave a city agency as the owner were excluded.