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Progress Update: Kew Gardens Portfolio

Progress Update: Kew Gardens Portfolio



This past September, a Midtown based firm A & E Real Estate bought a large portfolio from Hudson Realty of 53 buildings with a total of 1,270 apartments for $216 million dollars. The deal, which was listed exclusively byMassey Knakal Realty Services was marketed for about 6 months. The 12 tax lots can be seen in the photo attached, which span from Kissena Boulevard to 147th St and are bordered by 72nd Road and 75th Road.

The realty company has recently begun stripping the outer shells of the buildings exposing the brick as a source tells us they are looking to renovate the units and increase rents. Queens Beans has been onsite to photograph the most recent work. Construction workers were banging away all of Saturday beginning to change the buildings, but as you can see there is still more to be done from the photos and short video.

“The Opal”, a Kew Garden Hills luxury building nearby currently sees rents from $40-50 per square foot according to the same source who claims that A & E will be looking for $40/SF.

Up until now local area rents were in the $30s, which speaks to the rental market across Queens . As many young professionals and families are being squeezed from Manhattan and Brooklyn, the push is now continuing  from Western Queen, such as, Long Island City and Astoria, further east into.

Currently Vornado Realty is completing its 314-unit residential building on Queens Boulevard in Rego Park, and the push continues east into Jamaica with some smaller developments, such as TCX’s development on 190-11 Hillside Avenue in Jamaica. Stay tuned as the push continues and Queens Beans will bring you more on these projects.

IMG_3219 Kew Garden tax lots