New Yorkers have seen Brooklyn go from a more affordable alternative to Manhattan to a hip (and increasingly pricey) borough. Now Queens seems to be headed in that direction. Areas such as Astoria, Sunnyside and Woodside are becoming particularly popular.
Once famous for being the home of TV's Archie Bunker and family, some of its neighborhoods are becoming among the most popular in New York City. Queens has had the second largest influx of residents (after Brooklyn) of all of the city's boroughs since 2010.
Of course, higher real estate prices are already beginning to follow. One resident notes that his family's home has tripled in value in the years since he purchased it.
Many young professionals are seeking out homes in Queens before the prices become prohibitive. While median rents like $2,425 for a studio and $2,889 for a one-bedroom apartment might take the breath away of people in many parts of the country, they're still below those in Brooklyn.
That's good news for both residential and commercial real estate developers. With an influx of residents with money to spend, businesses will follow. That lessens the inconvenience of living outside of Manhattan. If the trend continues, Queens residents will increasingly find all of the retailers and services they need within convenient walking or biking distance.
With the ever-changing real estate landscape of New York City, it's essential for residential and commercial developers to move as quickly as possible to take advantage of the opportunities. With sound legal advice, you can avoid unnecessary and costly violations in areas with which you may be unfamiliar.
Source: CNBC, "Queens' population, real estate boom makes it look like the next Brooklyn," Daniel Bukszpan, Sep. 19, 2016