By MICHAEL GARETH JOHNSON
It’s no surprise, but a recent report found that the fastest-growing place in the five boroughs over the past year has been Long Island City. And it is not even close: According to analysis by Localize.city, the neighborhood with the most approved permits and the most requested permits was the one in and around the 11101 zip code.
Between July 2017 and July 2018, the city’s Department of Buildings (DOB) approved 1,436 new units. In that time, the DOB also received 2,597 applications for permits that have yet to be approved. A closer look at the data suggests that many of these new apartments will be ready around 2021 or beyond, meaning that the boom happening in Long Island City isn’t stopping any time soon.
The report also found that housing development in the outer parts of the borough is growing as well, though not as fast as the western parts of the borough. In Jamaica, there were 1,245 applications for units that are pending DOB approval. In Far Rockaway, affordable-housing developer Phipps Houses is looking to revamp the old Far Rockaway Shopping Center into a mixed-use facility that would bring 230 units of housing to the neighborhood. In Forest Hills, Phipps Houses is also working to replace an old NYCHA facility with several buildings that would create more than 400 units.
Top-20 neighborhoods for approved units from July 2017 to July 2018
1) Long Island City: 1,436
2) East New York: 1,200
3) Melrose: 1,027
4) Bed-Stuy: 848
5) Financial District: 813
Top-20 neighborhoods for units in terms of permits filed but not yet approved
1) Long Island City: 2,597
2) Greenpoint: 1,493
3) Jamaica: 1,245
4) Flatbush: 1,131
5) Astoria: 1,014
Top-20 neighborhoods for units approved in 2015, during final days of the expiring 421-a tax abatement law, a popular incentive for developers
1) Long Island City: 8,116
2) Williamsburg: 5,080
3) Greenpoint: 2,933
4) Bushwick: 2,922
5) Downtown Brooklyn: 2,845
NEWS & NOTES
New Report Shows Rise In Queens Rental Market
The Douglas Elliman Report, which measures and analyzes market trends in real estate throughout the city, released its second quarterly report showing a rising trend in Queens’ rental market.
The borough’s price-trend metrics indicated that the median rental prices for face rent — the quoted rental rate before taking into account incentives or increases — is up by 4.8 percent; rental price per square foot rose by 2.6 percent; and average rental prices rose by 2 percent.
The median rental prices for net effective rent — the rental rate averaged out over the term of the lease — increased by 5.7 percent. However, the share of rental transactions with owner pays or rent concessions was 33.6 percent, which is down from 44.7 percent.
The report also showed that the number of new leases increased by 9.8 percent, while listing inventory declined by 19.6 percent, days on the market was down by seven, and new-development market share was 23.5 percent, which was down from 43 percent in the first quarterly report.
“The Queens market continued to show robust trends,” the report read. “This quarter was the ninth consecutive quarter with a year over year rise in prices along with new records set.”
The report also stated that landlords in Northeast Queens — which encompasses Bayside, College Point, Douglaston, Flushing, Little Neck, Oakland Gardens and Whitestone — are getting better at initial rental pricing as concession-market share fell for the second consecutive month after 16 months of increases.
Queens’ Investment-Sales Values Up, REBNY Reports
The Real Estate Board of New York (REBNY) released its Investment Sales Report, which showed an improvement in Queens’ investment-sales market during the first half of 2018, compared to the second half of 2017.
The city as a whole garnered $21.6 billion in buildings, hotels, garages, gas stations and vacant land from January 2018 through June 2018, compared to $18 billion during the same time last year.
In Queens, the REBNY report found that Queens’ investment sales increased from $2 billion in the first half of 2017 to $2.2 billion in the first half of 2018, while the number of transactions in the borough decreased by 6 percent, from 552 to 517.
The property categories with the most activity in Queens were multifamily rentals with no elevators, as well as garages, gas stations and vacant land.
In Queens, there was a 26 percent increase in transactions in multifamily rentals without an elevator, with 135 sales.
The report also looked at garage, gas station and vacant-land transactions. It found that in Queens, there were 114 sales accounting for roughly 16 percent of all the transactions that took place in the first half of 2018.
Far Rockaway Library Closing For Renovations
During the next three years, the Queens Library located at 1637 Central Ave. in Far Rockaway will undergo a $33 million overhaul. The overhaul will double its size and feature a pyramid entrance, glass curtain wall and central atrium. Local leaders intend for the new building to serve as a cornerstone of the larger redevelopment of the neighborhood.
In order to start work on the project, the library will be closed starting on Friday, Sept. 28. Mobile library service will be provided to residents at temporary locations like 1003 Beach 20th St., next to the Far Rockaway Teen Center.