News
QUEENS HOLDS TIGHT
March 10, 2010
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| Queens property sales may have taken a hit recently—YE09 transaction volume was down 59% from ’08 and 71% from the peak—but it has not fared as bad as Manhattan and stayed on par with Brooklyn. Massey Knakal managing director Ken Krasnow, whom we visited in the firm’s Forest Hills office, tells us prices are holding strong in its best markets. Core neighborhoods in Northern Queens like Sunnyside, Rego Park, and Astoria are still doing well, while submarkets in Southern Queens, like Jamaica, have felt some pain. But there’s good news: Pricing has stabilized, activity has picked up, and Ken foresees an increase of transactional activity as well-timed buyers dive in. |
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| According to Queens gurus Brian Sarath, Tom Donovan,and Swain Weiner, these buyers are old-school money, and novice buyers who were investing in the tertiary parts of the borough are now out of the game. Bidding for properties has increased, but even at the first blush of 15 offers, there are only five who can make the deal with you, Swain notes. In popular Briarwood, Tom was able to sell an apartment building for pennies short of the asking price at a 6.1% cap rate, but warns that if you’re not in an attractive part of town, you’ll even have trouble giving your property away. |
