LONG ISLAND CITY AND ASTORIA LIC AND ASTORIA ORANGE REPORT MODERN SPACES BROOKLYN 135 KENT AVENUE BROOKLYN, NY 11211

Transcription

1 LIC AND ASTORIA ORANGE REPORT T HE OR A N G E R E P O R T Q M A R K E T R E P O R T LONG ISLAND CITY AND ASTORIA M OD E RNSPACESNYC. C OM PG. 1 MODERN SPACES DITM ARS JACKSON AVENUE

2 Q HIGHLIGHTS & END OF YEAR SUMMARY This quarter has shown that LIC and Astoria have continued to not only be hotspots but also great neighborhoods to reside in and call home. Both neighborhoods have continued to break records and have welcomed many new businesses and restaurants in the past year. On the rental side, we have seen a 6.25% increase in price per square foot and a 5.09% increase in price per square foot in closed condos. With the increase in new developments in the area the commercial market has also continued to rise with space for growth available and a need for more amenities for the surrounding residents brings a lot of promise and we look forward to the new group of condos coming to the market. Modern Spaces is excited to be part of the growth and success of LIC with many new projects in the pipeline. Highest Absolute Price: $1,440,000 at Arris Lofts Highest Price PSF: $1,064 at the Industry 2014 HIGHLIGHTS Quarter 1 In this quarter we saw a quick rise in price of condos and rentals throughout. This was all due to such low inventory creating a seller s market. Development continues to grow and we are beginning to see more interest pick up in newer areas such as Dutch Kills in LIC and Ditmars Blvd in Astoria. Overall we are seeing a lot of potential for even more growth. Below are some of the price highlights for this quarter: Highest Absolute Price: $1,350,000 at Arris Lofts Highest Price PSF: $1,024 at the Vista Condos remained strong and absorptions proved to be quick as TF Cornerstone s 4610 Center Blvd leased a whopping 40% in just couple months. The increase in rent and absorption rate only furthers the demand significantly for both Astoria and LIC. As a result, there has been a huge increase in commercial space being rented as well. Below are some of the price highlights for this quarter: Highest Absolute Price: $1,580,000 at Five27 Highest Price PSF: $1,155 at Five27 Quarter 3 In this quarter we finally saw the rental market leveling out. This was due to all possible inventory coming on the market at the same time causing major competition between buildings. The same couldn t be said about the condo market due to a low inventory, which brought the average price per foot at $1000. A major milestone happened this quarter as TF cornerstone finished a 10-year $1.6 billion dollar waterfront project, which included 2,615 rental units and 184 condo units. Major projects such as TF Cornerstone s waterfront and Rockrose s Court Square project have been the driving force behind all of the development around these popular areas that we see now. A need for larger units has also presented itself on the market and shows potential for new opportunities in condo and rental development. In this quarter we also highlighted land prices which have reach all time high between $250-$300. Highest Absolute Price: $1,764,627 at Ten63 Condos Highest Price PSF: $1,328 at the View Condos Quarter 2 Best Regards, The condo pricing in this quarter continued to rise with record breaking asking prices as apartment sizes are getting smaller and smaller. The rental market Eric Benaim CEO / President & Founder Modern Spaces Real Estate MODERNSPACESNYC.COM PG. 2

3 TABLE OF CONTENTS The Report Table of Contents LIC Closed Data LIC On the Market LIC Rental Data Astoria Closed Data Astoria Rental Data LIC Sales and Rental Quarterly Tracking LIC Closed LIC Quarterly Rental Snapshot Astoria Rental Snapshot LIC & Astoria Commercial and Investment Closed Sales Data MODERNSPACESNYC.COM PG. 3

4 LIC CLOSED DATA The average price per foot overall is $950 with the highest being $1,064 at The Industry. The average absolute price is $859,507 with the highest being $1,440,00 at The Arris Lofts. AVERAGE CLOSED S AVERAGE PSF $1,400,000 $1,200,000,000 $800,000 $600,000 $400,000 $598,000 $817,188 $1,163,333 $1,200 $800 $600 $400 $1,064 $867 $918 $200,000 $200 STUDIOS ONE BED STUDIOS ONE BEDS UNIT MIX 7% 31% STUDIO 1 BED 2 BED 62% LIC ON THE MARKET The average price per foot on the market is $1,073 with the highest of $1535 price per foot of available units and $1,664 of in contract units both at the View Condos. AVERAGE CLOSED S AVERAGE PSF $2,500,000 $2,345,950 $1,400 $1,287 $2,000,000 $1,200 $1,065 $949 $991 $1,500,000,000 $500,000 $676,167 $698,201 $1,117,825 $800 $600 $400 $200 STUDIOS ONE BED THREE BEDS STUDIOS ONE BEDS THREE BEDS MODERNSPACESNYC.COM PG. 4

5 LIC RENTAL DATA Luxury The average price per foot of luxury rentals is $51 and with an average rental rate of $3,870. $6,000 $5,000 $4,000 $3,000 $2,000 RENTAL RATES $5,574 $54 $53 $4,326 $52 $51 $3,096 $50 $2,482 $49 $48 $47 $46 $45 $44 STUDIOS ONE BEDS THREE BEDS AVERAGE RENTAL PSF $53 $53 $50 $47 STUDIOS ONE BEDS THREE BEDS Walk-ups The average price per foot of walk ups is $42 and with an average rental rate of $2,458 RENTAL RATES AVERAGE RENTAL PSF $2,800 $2,700 $2,670 $43 $2,600 $2,500 $42 $42 $2,400 $2,300 $2,200 $2,245 $41 $41 $2,100 $2,000 ONE BEDS $41 ONE BEDS Elevator Rentals The average price per foot in elevator rentals remains unchanged at $43 and with an average rental rate of $2,963 RENTAL RATES AVERAGE RENTAL PSF $4,500 $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $500 $4,100 $2,870 $2,320 $2,560 STUDIOS ONE BEDS THREE BEDS $60 $50 $40 $30 $20 $10 $49 $44 $41 $39 STUDIOS ONE BEDS THREE BEDS MODERNSPACESNYC.COM PG. 5

6 ASTORIA CLOSED DATA The average price per foot overall is $644 with the average absolute price at $469,046. AVERAGE CLOSED S AVERAGE PSF $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $680 $675 $573,667 $670 $660 $650 $640 $613 $364,425 $630 $620 $610 $600 $590 $580 ONE BEDS ONE BEDS UNIT MIX 43% 57% 1 BED 2 BED MODERNSPACESNYC.COM PG. 6

7 ASTORIA RENTAL DATA The average price per foot overall is $45 with an average rental rate of $3,151 AVERAGE CLOSED S AVERAGE PSF $4,500 $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $500 $2,000 STUDIOS $2,637 ONE BEDS $4,200 $60 $3,767 $50 $50 $46 $45 $40 $40 $30 $20 $10 THREE BEDS STUDIOS ONE BEDS THREE BEDS UNIT MIX 31% 2% 5% STUDIO 1 BED 2 BED 62% 3 BED MODERNSPACESNYC.COM PG. 7

8 LIC SALES AND RENTAL QUARTERLY TRACKING Below is the quarterly tracking of the price per foot of all closed sales. The data has increased over each quarter showing a 18% increase from Q to Q LIC CLOSED DATA QUARTER OVER QUARTER $1,200 $1,020 $844 $846 $904 $930 $944 $950 $800 $768 $600 $400 $200 Q Q Q Q Q Q Q Q MODERNSPACESNYC.COM PG. 8

9 LIC CLOSED BIANNUAL $PSF TRACKING $904 $944 $950 $900 $844 $800 $736 $745 $770 $700 $670 $600 $500 $400 $300 $200 $ MID -YEAR 2011 YEAR-END 2012 MID-YEAR 2012 YEAR-END 2013 MID-YEAR 2013 YEAR-END 2014 MID-YEAR 2014 YEAR-END MODERNSPACESNYC.COM PG. 9

10 LIC QUARTERLY RENTAL SNAPSHOT Below is a quarterly snapshot of the rental rate history from Q to Q Q Q LUXURY RENTALS LUXURY RENTALS Studios $2,482 One Beds $3,096 Two Beds $4,326 Three Beds $5,574 AVERAGE $3,870 ELEVATOR RENTALS Studios $2,320 One Beds $2,560 Two Beds $2,870 Three Beds $4,100 AVERAGE $2,963 WALK-UP RENTALS 1 Bedrooms $2,245 2 Bedrooms $2,670 AVERAGE $2,458 Studios $2,369 One Beds $3,013 Two Beds $4,137 Three Beds $5,680 AVERAGE $3,800 ELEVATOR RENTALS Studios $2,252 One Beds $2,510 Two Beds $2,836 Three Beds $4,026 AVERAGE $2,906 WALK-UP RENTALS 1 Bedrooms $2,230 2 Bedrooms $2,650 AVERAGE $2,440 Q Q LUXURY RENTALS LUXURY RENTALS Studios $2,558 One Beds $3,158 Two Beds $4,551 Three Beds $5,798 AVERAGE $4,017 Studios $2,406 One Beds $2,795 Two Beds $4,250 Three Beds $5,137 AVERAGE $3,647 ELEVATOR RENTALS ELEVATOR RENTALS Studios $2,252 One Beds $2,510 Two Beds $2,836 Three Beds $4,026 AVERAGE $2,906 Studios $2,130 One Beds $2,497 Two Beds $3,718 Three Beds $4,000 AVERAGE $3,086 WALK-UP RENTALS WALK-UP RENTALS 1 Bedrooms $2,225 2 Bedrooms $2,625 AVERAGE $2,425 1 Bedrooms $2,000 2 Bedrooms $2,600 AVERAGE $2,300 MODERNSPACESNYC.COM PG. 10

11 ASTORIA RENTAL SNAPSHOT Below is the quarterly snapshot of the rental rate history from Q Q $3,100 $3,000 $2,900 $2,974 $2,868 $2,800 $2,700 $2,623 $2,700 $2,600 $2,500 2,517 $2,525 $2,400 $2,300 $2,200 Q Q Q Q Q Q MODERNSPACESNYC.COM PG. 11

12 LIC & ASTORIA COMMERCIAL AND INVESTMENT CLOSED SALES DATA SALE TRANSACTIONS DOLLAR VOLUME PER SQUARE FOOT Residential 34 $165,361,749 $334 Industrial 21 $142,921,183 $269 Commercial 10 $450,281,879 $412 SALE TRANSACTIONS DOLLAR VOLUME PER BUILDABLE S.F. Development 68 $761,127,678 $168 OVERALL 133 $1,519,692,489 *Disclaimer: All data runs through to December 5th only including transations of $500,000 and up 2014 COMMERCIAL TRANSACTIONS RESIDENTIAL INDUSTRIAL COMMERCIAL DEVELOPMENT 2014 COMMERCIAL DOLLAR VOLUME 2014 $/P.S.F. BY ASSET CLASS $800,000,000 $700,000,000 $600,000,000 $500,000,000 $400,000,000 $300,000,000 $200,000,000 $100,000,000 $165,361,749 RESIDENTIAL $142,921,183 INDUSTRIAL $761,127,678 $450 $400 $412 $350 $334 $450,281,879 $300 $250 $200 $150 $100 $50 $269 COMMERCIAL DEVELOPMENT RESIDENTIAL INDUSTRIAL COMMERCIAL MODERNSPACESNYC.COM PG. 12

13 Thank you for following our report. Modern Spaces will continue to track the market on a quarterly basis. If you have any questions or would like a more detailed report please feel free to contact us at info@modernspacesnyc.com. For a direct download of our report please click the link below. This information was directly generated from Automated City Register Information System (ACRIS) and from Modern Spaces Sales and Rental Data for 10/1/2014 to 12/31/2014 MODERNSPACESNYC.COM PG. 13