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Queens’ numbers for the third quarter of 2017

Now the third quarter of the year has closed, numbers can be calculated. As it seems, the Queens condo market has slowed down a little bit. The number of approved residential units has dropped from 261 to 216. Nevertheless, this number still shows growth from the year’s first quarter, which was only 183 units. This number is fairly average for Queens. Since 2012, the borough had nine quarters with higher numbers and thirteen with lower ones. In retrospect, Queens peaked during the first quarter of 2016, when 607 units were approved. The first half of last year was very strong for the borough, since the second quarter also showed very high numbers, with 487 units approved.

As far as this last quarter goes (July, August and September), all the units that were approved are divided among four different projects. The biggest one is the Elmhurst Plaza Condominium, a project that contains 138 units on its own. It is addressed at 45.18 82nd Street and 45-16 83rd Street. The second project in question is addressed at 65-38 Austin Street, in Rego Park. This tower has 66 units. The last two project are two buildings that have six units each. They are addressed at 18-93 Cornelia Street, Ridgewood and 149-17 Sanford Avenue, Murray Hill, respectively. The two bigger projects have multi million dollar projected sell outs: the Elmhurst Plaza Condo is estimated at $113 million, while the Austin Street one is estimated at $49 million.

The numbers that Queens reached are greatly surpassed by Brooklyn, the prefered borough for condos. 525 new units were approved here. [The Real Deal]