NEW YORK, NY - Stribling & Associates, a leading New York residential brokerage, today releases the third quarter Long Island City Market Report. The report focuses on the Northwest Queens neighborhoods of Astoria, Hunters Point, and Sunnyside. A strong showing for new development condos continued to push sale prices in the third quarter, with the area setting a record average price per square foot, at $1,097.
"Long Island City was once thought of as a purely industrial zone," acknowledged Garrett Derderian, Director of Data & Reporting at Stribling. "However, development over the past several years has been tremendous, and the area is now the fastest growing neighborhood in the country. In the most recent quarters, price records have almost always been broken, and the third quarter was no exception."
The report highlighted that while condos were the driving force behind price increases, where the median sales price jumped 10% to $875,000, the submarket is starting to see a domino effect for all property types. Both co-ops and townhouses/houses saw median and average price gains. The increases are even more prevalent for active inventory, where each property type saw their median and average prices grow by double-digits over last year.
Hunters Point continued to be the most expensive neighborhood, in part because of the amount of new development. Here, the median price for active inventory rose 10% to $1,200,000, while the average was up 9% to $1,417,477. Sunnyside saw the highest average asking PPSF increase, up 27% to $688. Derderian also pointed to other developments affecting the market.
"The area is one of the only true mixed-use 'cities within a city' in New York City where growth is occurring for residential, commercial, and industrial-use," stated Derderian. "There are over 10,000 units of housing still in the pipeline, on top of what has already come to market. Additionally, Long Island City is in close proximity to the upcoming Cornell Tech campus, and offers less expensive residential and office space compared to Manhattan. Mass transit, both by subway and ferry, is also an attractive element."
Highlights from Stribling & Associates 3Q Long Island City Market Report:
- Median sales price was $795,000
- Average sales price was $828,448
- Average price per square foot was $1,097 (record)
- Average days on market was 83
- 40% of active inventory was listed above $1M
Recorded Sales:
- Condo units saw an average PPSF of $1,177 (record)
- Townhouses/houses had the highest median price at $1,025,000
- Co-ops had a 13% average price increase to $402,857
- Hunters Point had the highest average PPSF at $1,171
- Sunnyside had the largest properties averaging 958 square feet
- All three neighborhoods saw YoY average PPSF increases
Contracts Signed:
- Condos made up 79% of all contracts
- Condos recorded the highest average PPSF at $1,158
- Townhouses/houses were the only property type with a median and average price above $1M
- All submarkets noted yearly price increases
- Astoria had the highest PPSF increase, up 23% to $981
- Sunnyside had the highest average price increase, up 10% to $533,588
Inventory:
- Condos made up 67% of active inventory
- Condo units had the highest average PPSF at $1,162
- Co-op units were the most affordable, with an average PPSF of $523
- Townhouses/houses saw the highest yearly price increases
- All submarkets saw median and average price increases
- Sunnyside recorded the strongest yearly gains across all price metrics
About Stribling & Associates
Stribling & Associates, Ltd. is a premier residential real estate firm with over 300 agents throughout three locations in Manhattan and one in Brooklyn. As one of the most renowned brokerages in New York, Stribling uses its respected expertise in the current market to provide individualized services to both buyer and sellers. Stribling agents specialize in the sale of luxury townhouses and cooperative and condominium apartments. The company's philosophy is based on professional, personalized services coupled with exceptional knowledge of key residential market trends. Stribling Private Brokerage specializes in the discreet marketing of properties over $5 million and commands a prominent market share in that sector of Manhattan residential real estate. Through strategic partnerships with Miami's Cervera and international estate services firm Savills, Stribling's global reach extends to more than 700 offices worldwide.