Thursday, October 10, 2013
Get ready for the development avalanche!
From The Real Deal:
New York City’s new development activity has long been focused on popular neighborhoods in Manhattan and Brooklyn. But with home prices on the rise in Queens, some major Manhattan developers are now venturing into the borough for the first time.
Builders like the World-Wide Group, the Lightstone Group, L+M Development and Property Markets Group are building massive rental towers in Queens, most of them in rapidly developing Long Island City.
Statistics on Queens’ new development are hard to come by, since the city’s largest brokerage firms don’t track transactions in the borough. But over the next three years, Queens is slated to see the construction of more than 8,000 units of new residential housing, according to estimates from the brokerage Aptsandlofts.com. That figure is a big increase from the immediate aftermath of the recession, brokers said, and it’s roughly on par with the pace of building in Manhattan, where approximately 5,350 new rental and condo units are expected to come online in the next 24 months, according to data from new development marketing firm Corcoran Sunshine.
Willets Point, 5 Pointz and Hallets Cove were approved yesterday. I'll have more on these tomorrow. There's a lot to say about them.