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.
12 comments:
Well, I for one, am glad to see Jamaica on the list. If any place needs some development it sure is Jamaica.
Hey Whitestone! Could a 2,0000 unit residential apartment complex be coming to a vacant 6 acre lot near you. Ask Paul Vallone or Tony Avella at next public Speachafuckation!
I just hope that these apartments are AFFORDABLE!! I am so tired of paying sooooo much money for rent. I rent a one-bedroom in Bayside for 1400/month and I feel like I am getting ripped off!!
Wondering why so many asian developers are on this list? Is there something that the city isn't telling us? I honestly think that the government sold parts of nyc to China!
We don't need anymore coops or condos! No one has the money for those things except for the rich!! Half of the condos/coops that are in foreclosure cant even sell because of the stupid hefty downpayment and flip taxes!!
Prepare for the yuppie movement!
This article makes it sound like nothing has been developed in Queens over the past twenty years, and we have only just now been "discovered". I wish nobody ever discovered us, we were alot happier here in Queens before they told us that we weren't.
Well expect much development, now that Brooklyn and Manhattan are pretty much now neck to neck price wise with both sales and rentals and they are calling Queens the next Brooklyn.
Although some places like Jamaica need it, places like LIC or Astoria have been beaten to death.
143-28 41st ave in Flushing....looks like the little blue house couldn't hold out any longer :( I know it was a wreck and in need of too much work to ever be restored, but I always had a soft spot for it. And 23 units in that space? Seems like a lot.
I used to enjoy approaching the Maspeth plateau on the LIE and seeing the city and that old church on the right.
Its like being in "The Wizard of Oz" and finally reaching the emerald city.
Now its fouled with green mirror shit boxes popping up like shoots of bamboo.
But how many are going to be actually AFFORDABLE?
Many parts of Queens need to be re-zoned badly. I guess in the future there won't be much of a choice but to live in a building or condo in Queens. Especially these areas that have one or two family houses but are zoned for R4 or higher. It doesn't make sense, these areas haven't seen re-zoning in over 50 years. The neighborhoods looked ugly and messy because of this and its only going to get worse. Not to mention if you want a 1 or 2 family house you are going to have to move the the boonies or out of state. Sad;(
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