The Rise of Queens in the New York Market

13:06:45 | 2012-05-11

View from Gantry Plaza State Park in Long Island City

(New York, NY) — For many years, the neighborhood of Queens, New York, didn’t have the best reputation in the New York market. While the area was mostly identified with fictional television and movie characters from the area; the urban neighborhood had very little to give it its own reputation. However, after a number of successful developments, the area of Queens is not only raising its reputation but it is slowly becoming one of the most rapidly growing areas in the city to buy real estate in.

The new resurgence of Queens can be attributed mainly to the Long Island City and Astoria areas. Here you can find easy access to Manhattan, new high-end housing developments, and water-front shops and neighborhoods overflowing with charm. Inside Long Island City, at the center of Queens you can find an award-winning city park, numerous world-class museums and some of the best views in all of New York. Many developers have noted the potential of the area and worked to transform Queens into not only a cultural-center but a mecca for high-end real estate as well.

At the center of these efforts is the Vernon Boulevard area. The water-front streets feature numerous bars and restaurants and now, new waterfront luxury condominium towers. Units in these buildings start at $700,000 for one-bedroom units. While these numbers may seem staggering for Queens; there is clearly a market for them, as 80% of the units have already sold while the towers are still in construction stages.

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Many of those who own commercial space and residential homes in the area hope to see Queens grow in the way the East Village once did and eventually become one of the most prominent neighborhoods in the city. While many new businesses are already opening locations in Queens in droves, many are hoping that new real estate developments will continue to follow suit as well. While massive changes in the perception of Queens will take some time, area residents and business owners alike are optimistic about the changes Queens has already made.

With substantial growth already, and new projects on deck for the city; many can expect a positive reputation change in Queens as more and more high-income buyers are looking to call the area home.

—Email  rlorenzen@brokerpulse.com


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