Nov. 15, 2023 By Ethan Marshall The kids are not leaving the nest. Approximately 28% of the 1.2 million millennials and 79% of the 2 million Gen Z adults in New York City have yet to leave their multigenerational homes to find their own place to live, according to a report recently released by real…
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Nov. 14, 2023 By Ethan Marshall The median rent in northwest Queens plummeted in October, down 9.4% from September, according to a market report recently released by the real estate firm Douglas Elliman. The amount paid to rent an apartment in northwest Queens — covering Astoria, Long Island City, Sunnyside and Woodside — had a median…
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Nov. 7, 2023 By Bill Parry Mets owner Steve Cohen is hoping his $8 billion “Metropolitan Park” plan unveiled Tuesday is a home run with the city and community, as it includes a 20-acre public park alongside a casino, hotels, food hall and music venue. Partnering with entertainment giant Hard Rock International, the Metropolitan Park plan aims to create a year-round entertainment complex on a 50-acre “vacant asphalt” parking lot just west of Citi Field that has not served the community of fans to its full potential. “It’s time the world’s greatest city got the sports and entertainment park it deserves,”…
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Nov. 7, 2023 By Ethan Marshall There was a 2.94% increase in the average rental price in Queens in October 2023 compared to the same month last year, according to a report from the MNS Real Estate firm. The year-over-year increase came despite the fact that rental prices for two-bedroom units actually went down 0.48%, from $3,441 to $3,424. This is largely due to more significant increases experienced with studio (5.40%) and one-bedroom (5.46%) units. Rental prices increased in studio units from $2,140 to $2,256 and in one-bedroom units from $2,588 to $2,729. Despite the significant increase in the average…
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Nov. 6, 2023 By Ethan Marshall There appears to be a growing trend of prioritizing the looks of a home over its amenities among potential home buyers across the United States. Eric Benaim, the founder and CEO of the Queens real estate group and brokerage Modern Spaces, points to people’s desire for attention on sites like Instagram, Pinterest and TikTok for playing a big role in this growing trend. “We’re definitely seeing an uptick of people looking for apartments and homes where the developer has put a focus on design details,” Benaim said. “In the planning stages, we are working…
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Nov. 6, 2023 By Ethan Marshall A study conducted by the New York City real estate firm StreetEasy concluded that 35.7% of previously-owned New York City homes on the market don’t get sold. StreetEasy also concluded that the average listing spends a median of 89 days on the market in New York City, compared to…
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Oct. 27, 2023 By Ethan Marshall There was a drop in the median price and sales across Queens during the third quarter of 2023 when compared to the previous quarter, according to a report from the MNS Real Estate firm. Quarter-over-quarter, the median price per square foot of units in Queens dropped 1.7%, from $1,298 to $1,276. Additionally, the median price paid decreased 7.5%, from $832,524 to $770,000. Over this same period of time, the total sales volume of units in Queens dipped 13.35%, from $257,170,075 to $222,843,811. To go along with this drop in sales volume, the amount of…
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Oct. 27, 2023 By Ethan Marshall Gov. Kathy Hochul signed into a law a legislation authorizing a tax abatement program to provide improvements to affordable housing on Monday, Oct. 23. The legislation was sponsored by Queens state Sen. Toby Ann Stavisky and Assemblymember Edward Braunstein. This legislation is meant to improve upon the J-51 Tax Abatement Program, which provided a property tax discount for co-ops and condos that needed to make certain capital improvements, while also helping to offset costs. The J-51 Program expired on June 29, 2022. The J-51 Affordable Housing Rehabilitation Legislation improves upon the program by increasing…
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Oct. 26, 2023 By Ethan Marshall Queens is the most sought-after urban location for renters to live in across the country, according to a new report. The real estate firm RentCafe released its October rental activity report that found that the borough attracted the most engagement from apartment hunters in the month than anywhere else in the nation. Queens, which ranked third place in September, climbed ahead of Arlington, VA, and Kansas City, MO, to move to the top spot in October. This climb to the top was months in the making, as the borough has been making its way…
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Oct. 26, 2023 By Ethan Marshall It takes the typical homebuyer in New York state more than eight years to save for a deposit on a house, putting the state in fourth place in terms of the length of time needed to build a nest egg for a house, according to a study released by SelfStorage.com. New York ranked behind Massachusetts, Montana and Hawaii in terms of the amount of time needed to raise a 10% deposit, based on the cost of living and incomes in each respective state. SelfStorage.com conducted the study by determining the median household income of…
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