NEW YORK, Oct. 19, 2017 /PRNewswire/ -- Stribling & Associates, a leading New York residential brokerage, today releases the third quarter Long Island City Market Report. The report focuses on the Northwest Queens neighborhoods of Astoria, Hunters Point, and Sunnyside. A strong showing for new development condos continued to push sale prices in the third quarter, with the area setting a record average price per square foot, at $1,097.
"Long Island City was once thought of as a purely industrial zone," acknowledged Garrett Derderian, Director of Data & Reporting at Stribling. "However, development over the past several years has been tremendous, and the area is now the fastest growing neighborhood in the country. In the most recent quarters, price records have almost always been broken, and the third quarter was no exception."
The report highlighted that while condos were the driving force behind price increases, where the median sales price jumped 10% to $875,000, the submarket is starting to see a domino effect for all property types. Both co-ops and townhouses/houses saw median and average price gains. The increases are even more prevalent for active inventory, where each property type saw their median and average prices grow by double-digits over last year.
Hunters Point continued to be the most expensive neighborhood, in part because of the amount of new development. Here, the median price for active inventory rose 10% to $1,200,000, while the average was up 9% to $1,417,477. Sunnyside saw the highest average asking PPSF increase, up 27% to $688. Derderian also pointed to other developments affecting the market.
"The area is one of the only true mixed-use 'cities within a city' in New York City where growth is occurring for residential, commercial, and industrial-use," stated Derderian. "There are over 10,000 units of housing still in the pipeline, on top of what has already come to market. Additionally, Long Island City is in close proximity to the upcoming Cornell Tech campus, and offers less expensive residential and office space compared to Manhattan. Mass transit, both by subway and ferry, is also an attractive element."
Highlights from Stribling & Associates 3Q Long Island City Market Report:
Recorded Sales:
Contracts Signed:
Inventory:
About Stribling & Associates
Stribling & Associates, Ltd. is a premier residential real estate firm with over 300 agents throughout three locations in Manhattan and one in Brooklyn. As one of the most renowned brokerages in New York, Stribling uses its respected expertise in the current market to provide individualized services to both buyer and sellers. Stribling agents specialize in the sale of luxury townhouses and cooperative and condominium apartments. The company's philosophy is based on professional, personalized services coupled with exceptional knowledge of key residential market trends. Stribling Private Brokerage specializes in the discreet marketing of properties over $5 million and commands a prominent market share in that sector of Manhattan residential real estate. Through strategic partnerships with Miami's Cervera and international estate services firm Savills, Stribling's global reach extends to more than 700 offices worldwide.
Press Contact:
Ashley Murphy, Director of Public Relations
[email protected]
646-675-5068
SOURCE Stribling & Associates
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