NYC’s largest borough is setting new records with a surge of development projects coming down the pike
Compared to Manhattan and Brooklyn’s trendy glass towers, new condominium projects in Queens have drawn less attention. But that’s quickly changing. For three of the past five years, developers built more expensive condo projects in Queens than in Brooklyn, an analysis by The Real Deal found. And the borough’s most popular neighborhoods — including Long Island City, Astoria and Flushing — continue to set new records with the number of condo units in the pipeline. So far this year, developers have filed plans for 47 new projects in Queens, making it the strongest year in a decade, according to the New York Attorney General’s office. There are now 2,354 condo units under construction in the borough, with more than 950 of them in the Hunter’s Point section of Long Island City.
Chris Xu’s $700 million Court Square City View Tower, meanwhile, is slated to become the tallest building in Queens when it tops out at 778 feet by 2022. Financing for the 802-unit tower, like many others backed by experienced developers, seems to have come easily; Xu secured a $502 million construction loan from JPMorgan Chase and other big banks in July. With the average condo sales price in Queens now hovering around $670,000, units in the borough can be seen as a bargain compared to an average price of about $1.1 million in Brooklyn and more than $2.6 million in Manhattan, according to Douglas Elliman’s third-quarter data. But the question is whether buyers will find a view of Manhattan from an LIC tower more desirable than a view from the heart of the city — even at a新爱上海同城对对碰论坛