Elmhurst: The New Attraction for Developers
Elmhurst is becoming quite attractive for some real estate developers who are looking to build luxury condos and rentals that are more on the expensive side. This is what is causing a major divide in the prices of existing apartments and the new ones in the luxury buildings. While major retailers like Best Buy, Macy’s, and Target are already established in Elmhurst, major investors are looking to expand into the neighborhood. There has been a significant increase in sale prices and rents with the median list price for an apartment at $338,500 up from $288,500 in 2011 as reported by StreetEasy. Moreover, the average rent for apartments has increased from $1350 in 2011 to $1877.
Along with the changing prices is Queens Pointe, a massive redevelopment endeavor on the prior location of St. John’s hospital opposite the Queens Center Mall. Steve Wu and Harry Miller are the developers converting the site into 150 luxury rental apartments, multistory retail center with a parking garage for 250 cars.
The apartments will be pricey with rents of $45 per square foot for the units. While the prices seem steep, the apartments are set to include high ceilings and high-end finishes like Manhattan style buildings. At a close luxury rental by Pi Capital at 85-55 Broadway all the units were quickly rented out at $40 a square foot. Renters that are being priced out of other neighborhoods including Astoria and LIC are coming to Elmhurst.
Besides renters, small and middle size development firms that are tired of bidding against bigger NYC developers for places in LIC and Astoria are coming to Elmhurst hoping to get a cheaper site. Some new projects include a residential condo-tower with 69 units at 70-32 Queens Blvd. being developed by Steve Cheung. Pi Capital is working on $125 million doorman building consisting of 6 stories and 130 luxury units, hardwood floors, a private gym and a roof deck. The building will be known as Elm West and is across the street from Elm East.
Additionally, at 88-18 Justice Avenue a new low-rise building is set to be built as the large parking garage was sold for $26.5 million.
Certain areas of Queens such as Elmhurst, Astoria, and LIC are looking hot to developers who are looking for options other than Brooklyn and Manhattan.
Stay tuned as Queens Beans continues to bring you the updates on Elmhurst and all the developments in Queens.