BY JACKIE STRAWBRIDGE
The Roosevelt, a luxury apartment building in Jackson Heights, completed leasing after about nine months on the market, Citi Habitats real estate announced last week.
The 31-unit building is located at 40-07 73rd St., at the edges of Woodside and Elmhurst. Listings went up in late October, advertising rents starting at $2,400 per month for two bedrooms.
The Roosevelt made waves in June when its penthouse rented for $4,100 per month, a record-breaking price tag in the neighborhood.
Amenities at the Roosevelt include private balconies, stainless steel and marble kitchens and floor to ceiling windows.
Six of the units were set aside for affordable housing, according to Citi Habitats broker and Jackson Heights resident Mike Schulte. He said they received thousands of applications for the six units, which were rented by lottery. A one-bedroom affordable apartment at the Roosevelt rents for $860 per month, and two bedroom affordable apartments rent for about $1,150 per month.
Schulte said that the leasing up of the Roosevelt is “absolutely” indicative of larger trends in Queens real estate.
“I do see a bigger trend of Queens in general showing what Brooklyn showed three, four years ago. Rents are definitely increasing at a lot higher clip,” Schulte said.
“I’ve seen more gentrification go on in the last 12 months than in the first four and a half years living [in Jackson Heights],” Schulte added.
According to a July report from real estate firm Douglas Elliman, both new rentals in Queens and rental prices have seen dramatic increases of late. The median rental price in particular rose for a fifth time in a six-month period, up 10.5 percent from the same time last year.
Schulte said he believes high prices not only in Brooklyn but also along the Long Island City waterfront are driving more renters and luxury renters into neighborhoods like Jackson Heights, Woodside and Elmhurst.
“[In Long Island City], you’re spending almost Manhattan rents and you’re dealing with a neighborhood that doesn’t necessarily have the infrastructure – restaurants, supermarkets, shopping – to support 20, 30, 40, 50 thousand new units,” Schulte said.
“I look at Long Island City as the taste of Queens, whereas Jackson Heights is more the flavor,” he added.
Leasing of the Roosevelt took slightly longer than anticipated, according to Schulte, who pointed to a cold winter and the fact that leasing opened during an off-peak season as possible reasons.
Reach Jackie Strawbridge at (718) 357-7400, Ext. 128, firstname.lastname@example.org or @JNStrawbridge.