The condos are coming.
That’s the big story in Astoria real estate, according to local agents. While the western Queens neighborhood has long been a popular rental choice for young professionals priced out of Manhattan, demand for condominiums keeps growing as renters become buyers.
“There’s a major shortage of condos,” said Steffan Partridge, an agent at Partridge Realty. “There’s a building boom in Astoria right now, so we’re waiting for them to show up.”
At least six new condo buildings will be completed in Astoria within the next year, bringing hundreds of new apartments to the market, according to Adriano Hultmann, an associate broker at the Corcoran Group.
Meanwhile, a warehouse conversion by Pistilli Realty at Ditmars Boulevard and 45th Street, which was slated to have 200 condo units and be finished by the end of last year, has yet to hit the market. Demand for the apartments has only grown during the extended wait.
In a bid to lure prospective Manhattan buyers, many of the new projects are incorporating high-end touches.
A luxury building planned by the Criterion Group at 30th Avenue and 23rd Street will have 29 units, including two 1,500-square-foot penthouses.
Another, the Astoria Windsor at 30-80 21st Street, will also be a 29-unit luxury building. Asking prices at the Windsor average $800 per square foot.
“In general, new condos with low common charges and tax abatements go for around $600 to $750 a square foot,” said Hultmann. Older condos in the area sell for about $450 to $550 a square foot, and co-ops average $250 to $350 a square foot, he said.
Agents say the current market slowdown has meant sales prices in Astoria are holding steady rather than continually rising. But they are doing brisk business with rentals. Partridge said rents are $100 to $200 more a month than they were in April.
“If you go on Craigslist, there are almost no no-fee apartments listed in Astoria, but there used to be a ton of them,” he said. “There’s a shortage of apartments to rent and buy.”
Although there’s lots of demand for condos, Mike Demkiw, an agent with Horizon Realty, said the neighborhood lacks high-end services.
“With three senior centers, Astoria is still considered the capital of senior citizens,” said Demkiw. “We have Starbucks and cafes, but not many high-end retailers.”
Some prospective buyers don’t mind the absence of luxury trappings.
“The one downside to Astoria is a near complete lack of bookstores, both chain and independent,” said Jamie Lendino, a technology writer who has rented an apartment in Astoria for the past three years.
Lendino, who moved to the neighborhood from Bensonhurst, said he’s otherwise satisfied by Astoria’s services.
“I would definitely consider buying property here,” he added. “The problem is that there doesn’t seem to be much available.”
Fresh developments may spawn city’s newest neighborhood — Lower Astoria
Many of the larger new developments in Astoria are planned for the area west of 21st Street, said Adriano Hultmann, an associate broker at Corcoran. This section of the neighborhood — which Hultmann calls Lower Astoria in much the same style real estate agents created Nolita and the dubious East Williamsburg district — extends to the East River, is more industrial than residential, and has a large supply of warehouse space.
“There are virtually no large lots for development in the heart of Astoria,” said Hultmann.
“I get calls every day for loft space in that area,” said Steffan Partridge, an agent at Partridge Realty.
Partridge said most of this part of Astoria isn’t zoned for residential development and, while people are clamoring for housing there, warehouses are sitting empty.
“Four brothers recently invested $1.3 million in a high-end lounge there, and they’re at the forefront of the neighborhood,” said Partridge, referring to Hell Gate Social, a new bar at 12-21 Astoria Boulevard.
“It’s also close to [Long Island City’s] Socrates Sculpture Park and the Noguchi Museum,” he said. “A lot of sophisticated people want to live around there.”