Just like in Brooklyn, in

REN T I N G OW N I N G DE V E L O P I N G IN V E S T M E N T FI N A N C E Real Estate VOL. 2 NO. 10 OCT. 1-7, 2015 MARKETPLACE LIVING Photo by Bruce Alder LUXURIOUSLY A look at Southeast Queens thriving housing market. Page 3 Spotlight: Buying In Bayside Page 4 Flushing West: The Next Big Downtown Development Page 6 LIC Developers Break Leasing Milestone Page 8

Page 2 Oct. 1-7, 2015 Mapping A Decade Of Home Price Changes In Queens Is Queens the next Brooklyn? Just like in Brooklyn, in Queens we can also talk about A Tale of Two Cities. As you can see in the map, the borough appears to be strikingly divided into two parts when it comes to the housing market: North (look for the lighter green color on the map showing which neighborhoods are seeing increases in median home price bigger than 10 percent); South (look for the dark red color on the map showing the neighborhoods where home prices have decreased the most) The biggest price increases can be seen in the neighborhoods at the border with Manhattan; Hunters Point has seen an increase in median home price/sqft. of 132 percent. The median in 2014 was $924 (from $399 in 2004), which makes it similar now to Park Slope and other rich neighborhoods in Brooklyn; LIC has also seen an impressive 110 percent jump in median home price/sqft (from $326 to $685); Sunnyside and South Astoria, which were considered upper-middle-class even back in 2004, have maintained their status in 2014. Median home prices are in the lower $600 per square feet. One can hardly talk about a Williamsburg phenomenon happening in Queens LIC hasn t yet reached that increase in home prices seen in Williamsburg. The most significant increases in median home price/sqft. took place in areas which, albeit industrial, were still considered middle class even in 2004. Conclusion: The gentrification phenomenon which has started in Queens a while back is still much more localized than in Brooklyn and it is still debatable if Queens will become the next Brooklyn soon. The project: This map is part of a bigger project meant to illustrate how home prices have changed in NYC in the last decade and, indirectly, the impact gentrification has had on several areas in the city. The median home price per square feet was calculated based on all home sales closed in each neighborhood between 2004 and 2014. Tribune/Press Real estate MaRketplace Top Queens Neighborhoods with the Biggest Home Price per Sqft. Increase 2004-2014 Neighborhood median median Home Price $/sqft 2004 $/sqft 2014 Increase 1 Hunters Point $399 $924 132% 2 LIC $326 $685 110% 3 Sunnyside Gardens $400 $664 66% 4 South Astoria $409 $625 53% 5 Ridgewood $265 $398 51% 6 Queensboro Hill $350 $463 33% 7 Elmhurst $348 $433 24% 8 Little Neck $381 $470 24% 9 Pomonok $366 $453 24% 10 Ditmars - Steinway $345 $426 23% 11 Corona $291 $353 21% 12 Kissena Park $343 $417 21% 13 Rego Park $382 $457 20% 14 Jackson Heights $319 $383 20% 15 Fresh Meadows $380 $450 18% 16 Downtown Flushing $475 $562 18% 17 Forest Hills Gardens $488 $574 18% 18 Woodside $367 $428 17% 19 Auburndale $377 $425 13% 20 Jamaica Estates $385 $426 11% 21 Seaside $202 $223 11% 22 Whitestone $395 $436 10% 23 Astoria Heights / Upper Ditmars $371 $407 10% 24 Bayside $420 $458 9% 25 Murray Hill $401 $436 9% 26 College Point $330 $360 9% Top Queens Neighborhoods with the Smallest Home Price per Sqft. Increase 2004-2014 Neighborhood median median Home Price $/sqft 2004 $/sqft 2014 Increase 74 Hamilton Beach $357 $192-46% 73 Brookville $233 $173-26% 72 Broad Channel $278 $205-26% 71 Far Rockaway $234 $185-21% 70 Jamaica Hills $295 $232-21% 69 Rockwood Park $366 $290-21% 68 Glen Oaks $546 $440-19% 67 Lindenwood $272 $225-17% 66 Arverne $204 $172-16% 65 Old Howard Beach $313 $264-16% 64 Laurelton $285 $242-15% 63 Richmond Hill $300 $255-15% 62 Woodhaven $311 $265-15% 61 Belle Harbor $357 $303-15% 60 Hollis $254 $219-14% Top Queens Neighborhoods with the Biggest Home Price per Sqft. 2004-2014 Neighborhood median median Home Price $/sqft 2004 $/sqft 2014 Increase 1 Hunters Point $399 $924 132% 2 LIC $326 $685 110% 3 Sunnyside Gardens $400 $664 66% 4 South Astoria $409 $625 53% 5 Forest Hills Gardens $488 $574 18% 6 Downtown Flushing $475 $562 18% 7 Bay Terrace $536 $508-5% 8 Little Neck $381 $470 24% 9 Queensboro Hill $350 $463 33% 10 Bayside $420 $458 9% Top Queens Neighborhoods with the Cheapeast Home Price per Sqft. 2004-2014 1 Arverne $204 $172-16% 2 Brookville $233 $173-26% 3 Far Rockaway $234 $185-21% 4 Hamilton Beach $357 $192-46% 5 Broad Channel $278 $205-26% 6 Hollis $254 $219-14% 7 Rochdale $231 $220-5% 8 Saint Albans $253 $222-12% 9 Seaside $202 $223 11% 10 Lindenwood $272 $225-17%

Tribune/Press Real estate MaRketplace Oct. 1-7, 2015 Page 3 Queens Hidden Gems: yes, you can live in luxury In SeQ By TRONE DOWD Staff Writer Although Southeast Queens has a bit of a reputation for being less desirable than say, certain parts of Manhattan and Brooklyn, even Queens, a look at the reality of the situation reveals much more about the state of housing in the area. Southeast Queens real estate scene is thriving with large, quality homes available for customers looking for something a little more luxurious. Though the community bore the brunt of the foreclosure crisis after the 2008 financial collapse, across Southeast Queens, the marketplace is thriving. For many in the community, the epitome of posh Southeast Queens is the community of Addisleigh Park in St. Albans. Known for being the home of jazz greats in the early 20th Century, and baseball icon Jackie Robinson, the neighborhood, named a historic district in 2011, today is still Southeast Queens most exclusive. Homes in the community still cross the half million threshold, including one Tudor-style home at 173-05 113th Ave. The four-bedroom home with a lawn and a finished basement is listed for $549,000 according to Zillow. A few blocks away at 112-54 172nd Place, a threebedroom, two-and-a-half bathroom one-family home photo by bruce adler is listed for $569,000 on Zillow. A look over the statistics for other areas of Southeast Queens, including Springfield Gardens, Jamaica, Hollis, South Ozone Park and Far Rockaway, shows that the interest in high end homes has grown from quarter to quarter across the board. There has been an increase in median sales price for every portion of Southeast Queens, with the exception of South Ozone Park every quarter so far. According to a report conducted by StreetEasy.com, Springfield Gardens saw a six percent increase in its median real estate sales price, with prices going from $335,000 to $350,000 to $370,000 between the last three quarters. Compared to the last couple of years, the average price of a house increased about 14 percent since 2014, and 21 percent since 2013. And that trend is reflected in some of the housing available on the market. Located at 140-12 181 St. in Springfield Gardens, a two family townhouse with three bedrooms and two bathrooms per home and a finished basement is currently going for $725,000. The house, which was built in 1940, is just 10 minutes from both the Jamaica shopping center and John F. Kennedy Airport, making it a convenient location for any New Yorker. According to the same report, Jamaica, which is rapidly becoming known for its businesses, liveliness and diversity saw one of the largest increases in median sales prices. In 2015, the average price for a home in Jamaica is around $340,000. That is up 50 percent from 2014 and up an astonishing 212 percent from 2013. One home, located at 187-10 Jordan Ave. shows that the houses on the market are not afraid to show off the upscale reputation Jamaica has been gaining in the last five years or so. Built in 1930 and currently going for $508,000, this two-story home features three bedrooms, one and a half bathrooms, a fireplace, hardwood floors, a garage and a spacious backyard, all tucked deep within the residential areas of one of Queens ever growing sections. Hollis also saw an increase in median sales prices as well, with prices currently set at $420,000 on average. This is up 15 percent from the last two fiscal quarters, 13 percent from last year and from 2013. South Ozone Park was the only part of Southeast Queens that saw a drop in median sales price from a previous quarter. While the average price was $374,000 in the most recent quarter according to the Streeteasy report, it was a eight percent decrease from the previous quarter s $405,000 average. In terms of the year to year changes however, there was an overall increase, rising just one percent over 2014 and 16 percent over 2013. Located at 129-45 135th St. in South Ozone Park, one pre-war Townhouse first built in 1925 features three bedrooms, two and a half bathrooms a number of different amenities including a large backyard with a storage shack, a private driveway and finished basement. The home is also located near major highways including the Van Wyck, the Belt Parkway and the Nassau Expressway making it easy to get the kids to school and to work in the morning. Lastly, Far Rockaway, like many of the areas in Southeast Queens, saw an overall increase in the median sales price of the area, which currently sits at $330,000. Increasing 15 percent over the previous two quarters, the Far Rockaway area is still holding strong in the housing market just three years after the events of Hurricane Sandy which made a lasting impact on the area. The Southeast Queens real estate scene is growing rapidly, and the market is catching on. For those interested, be sure to jump on things now before the area s most expensive homes become even more out of the average working man or woman s price range. Reach Trone Dowd at (718) 357-7400 x123, tdowd@queenspress.com or @theloniusly. photo by bruce adler The home of baseball icon Jackie Robinson, above, in Addisleigh Park, where another home, right, is selling for $549,000. photo courtesy zillow

Page 4 Oct. 1-7, 2015 Brightening Real Estate Skies by the Bay Neighborhood Spotlight: Bayside By michael stahl As the Fall holidays approach, visions of tiny costumed tikes under colorful trees shuffling down a residential sidewalk one hand held by their mother or father, the other tightly clutching a bag filled with their yearly booty and gigantic tables mounted with a meal reminiscent of a medieval king s banquet set flawlessly in a grand formal dining room dance through our heads. These idyllic, dream-quality images represent what most are said to strive for, and few neighborhoods in the five boroughs aspire to see those scenes play out more greatly than Bayside. But eager real estate buyers hopeful for a slice of this American pie must beware. The Bayside market is booming right now, creating competition rarely seen in the region, while helping already healthy closing prices balloon to new heights. It hasn t been like this Now, let s get down to business. You ve found a house, applied for a loan, and received a commitment from the bank. Is it time to start planning your housewarming party? Almost. At this point there in a long time, Anthony Carollo says. He s serviced much of Northeast Queens, including Bayside, as owner of Carollo Real Estate for 13 years. People want to sell right now. It s a great market. Recent reports bear that observation out. In an outline of secondquarter sales, Douglas Elliman revealed a whopping 30 percent increase in median sales prices for Northeast Queens, which includes Bayside, when compared to the prior year, along with a near 7 percent jump in overall number of sales. That news came after a quarter-one statement from the real estate giant indicating four consecutive quarters of falling figures in the region. In an exclusive report provided to the Queens Tribune by StreetEasy.com, total sales for each type of property homes, condos, and co-ops are on pace to at least equal or exceed record numbers set in 2014. Homes and townhouses A home in Bayside. At Ridgewood Savings Bank, we believe that buying a house should be simple and painless. That s why we keep our customers informed every step of the way. Today we ll complete our series on the home buying process, and talk about closing. If you ve missed our earlier articles, and have questions, check out our website joyofhomeownership.com. It s filled with quick and informative videos about purchasing a home. are three sets of attorneys working on your purchase (buyer, seller, bank). These lawyers are working on various issues, including what s called a title report. This report ensures that the sale can properly proceed. If the the bread and butter of Bayside real estate have a median recorded sales price this year of $750,000, which is nearly $100,000 higher than it was in 2005. We re playing catch up now, Carollo says, referencing real estate market explosions in the western sections of both Brooklyn and Queens the past few years. Everybody wants to be in Manhattan, or just outside of it, but that s ok. We like it quiet out here. Historically, buyers have been drawn to the serenity of Bayside, not bothered by a longer commute to Manhattan. And though the area has always been perceived as a place where wealthier New Yorkers reside, these days Bayside is seen as a homestead for great value in property. It s a little hidden gem, Betsy Pollak says of the neighborhood she spent more than 50 years living in, while working as a real estate representative there for the past 29 years. You don t need to be a Wall Street executive to live in Bayside. The prices are higher than they ve ever been, but they haven t jumped like in other areas. Case in point, the Douglas Elliman secondquarter report for Northeast Queens put the median sales price for all homes in the area at a little under $480,000. Over that same timespan, the median sales price (continued on page 8) file photo property has any liens, or title issues, then further actions will be needed before closing. Once your title report is finished, you ll have a final inspection of the property. This inspection usually takes place few days before closing, and it s your last chance to make sure that the home is in the agreed upon condition. After the inspection is complete, it s time to close. Closing meetings are a group affair, and you can expect to see a lot of faces around the table. Your attorney, the sellers, the seller s attorney, the bank s attorney, the title closer, and the realtor may all be there. And if you think there are a lot of people at Tribune/Press Real estate MaRketplace Hot Listings A two-family home, 3.5 rooms over 3.5 rooms, with a beautiful brick façade and twocar detached garage, located on a corner lot, this property is located within district 26 and close to an abundance of transportation and shopping. Asking price: $798,000, via Carollo Real Estate. A sun-blasted, spacious twobedroom co-op in immaculate condition, this apartment boasts a dishwasher, an abundance of storage space, and intuitive open floor plan. Asking price: $209, 900, via Betsy pollak and Century 21 Bay Benjamin. For more listings visit Bayside- NYRealtor.com, BayBenjamin.com, and CarolloRealEstate.com AdveRtoRiAl the home Stretch With Ridgewood Savings Bank this meeting, just wait until you see all the paperwork. But don t worry, your lawyer should explain the documents you re signing, and answer any questions that come up. After you ve presented your certified funds to the seller you ll choose a move-in date, and end the meeting with smiles, handshakes, and a few hugs. Then it happens. You get the keys, pop the champagne, and you enjoy a well-deserved toast in your new home. Owning a home is the American dream. The experienced bankers at Ridgewood have been making this dream a reality for over 90 years. Member F.D.I.C. Equal Housing Lender.

Tribune/Press Real estate MaRketplace Oct. 1-7, 2015 Page 5 See How Queens Has Transformed in Seven Years By DOMENICK RAFTER Editor in Chief Anyone who has lived in Queens for at least the past ten years can appreciate how quickly and drastically many of the borough s neighborhoods have changed in that time frame. Now you can see just how dramatic that transformation has been using your mouse. RENTCafe, an online resource for renters, has compiled some photos using Google Street View of various locations in Queens, how they looked in 2007 and how they looked in 2014. Camelia Bulea, RENTCafe s marketing communication specialist, said the idea came from a colleague who thought it would be fun to see the transformation in several parts of the borough where major developments have been built, most notably Sky View Parc in Flushing and the Department of Health and Mental Hygiene building in Queens Plaza. Users can slide their cursor left to right to see the same view and how it changed from 2007 to 2014. It was one of our colleagues who after seeing some satellite photos thought that instead of just having a before and after photo, it would be interesting to just slide and see how the years have affected the neighborhood, Bulea said. We just love using some technology to do this. We ve done it for Manhattan and Brooklyn as well. We wanted to see how much the neighborhood was transformed. We chose some of the most famous developments in recent years. Among the other locations RENT- Cafe features Hunters Point, the Santorini in Astoria, the Queens Savoy Hotel in Kew Gardens, the Aston on Queens Boulevard in Forest Hills and the Ocean One Condominium tower in the Rockaways. The piece is a bit out of the ordinary for RENTCafe, which is primarily a site for prospective renters to look up apartment listings and find rentals and compare prices in major US cities. We saw that this is really appealing to the public, Bulea said. And we like this kind of project. RENTCafe, which is owned by software company Yardi Systems, has done several other similar ones, including posting photos of views from high-rise buildings and similar slideshows that show how architecture in different cities has evolved over many years. 41st Avenue and Crescent Street in Long Island City in 2007, left, and today. PHOTOS COURTESY RENTCAFE.COM

Page 6 Oct. 1-7, 2015 By LyNN EDMONDS Staff Writer Tribune/Press Real estate MaRketplace Flushing West: City Planning To Present Zoning Recommendations Waterfront access to a picturesque creek; affordable housing for senior citizens; pedestrian friendly streets and open space; these are just some of the ideas that the City and stakeholders have for the now-mostly industrial Flushing West neighborhood. The Department of City Planning will present draft zoning recommendations for the neighborhood, bounded by Northern Boulevard to the North, the Van Wyck Expressway to the West, Roosevelt Avenue to the South, and Prince Street to the East, on Oct. 7, after months of planning and meetings with community stakeholders, and years of work before that. It s an effort that goes back to 2010, when the Flushing-Willets Point- Corona Local Development Corporation won a $1.5 million Brownfield Opportunity Area grant to improve the area. Their presentation should begin to identify specific ways to meet their goals of open space, a publicly accessible waterfront esplanade, business opportunities and affordable housing. Flushing West, which touches the western edge of Flushing s commercial hub, is home to small stores, hotels, the former Flushing Mall, and some industry; including auto shops, contractors, and a U- haul warehouse. The area around the waterfront currently isn t much to look at, and city workers at the most recent public meeting on Sept. 12 said that the current zoning regulations could incentivize businesses that are even less welcoming to pedestrians to start cropping up. The M3-1 zoning that exists in the Northwest corner of the study area, for example, is the highest intensity industrial type of zoning that exists, and allows for noxious businesses. Another change that would likely benefit pedestrians is increased waterfront access. Currently, there is little access to the waterfront, and where there is space to walk, the promenade is narrower than required under city regulations. But the most ambitious goal may be to create more affordable housing. But Councilman Peter Koo (D- Flushing) said developers are unlikely to bite unless they get some concessions. Developers develop buildings to make money, they don t do it for charity, he said. The challenge is identifying potential concessions for developers the councilman added, in an area near the airport and the water where building up, and building down, is not an option. He also mentioned quality of life issues, like congestion, school overcrowding, air pollution, and sewer lines that are straining to meet the community s needs already. We have to find some way to improve on those quality of life issues and also infrastructure issues, he said. The idea is good, but it s a challenge. The draft zoning presentation will take place on Oct. 7 from 6 to 8 p.m. at the Flushing Library on Main Street. Reach Lynn Edmonds at (718) 357-7400 x127, ledmonds@queenstribune. com or @Ellinoamerikana

Tribune/Press Real estate MaRketplace Oct. 1-7, 2015 Page 7 Hotel Development Spikes In NYC, Especially Queens By Michael Stoler One of the most difficult tasks to achieve during the month of September and the first week of October is to secure a hotel room in New York City. The event, which include the U.S. Open; Pope Francis arrival; the UN General Assembly and President Barack Obama as well as foreign leaders like Russia s Vladmir Putin, Cuba s Raul Castro and others converging on New York City, make booking a hotel room was next to impossible. Hoteliers decided to raise the rates of a room especially in Manhattan as well as convenient locations in Queens, Brooklyn and nearby New Jersey. To meet the demands of the more than 55 million travelers, hundreds of hotels are in various stages of development. NYC & Company reports a total of 178 hotels are in development or have opened in the past three years. They are located in neighborhoods and boroughs across the city, from the Bronx to Staten Island. There are at least 100 new properties planned and in construction, including 15 in Brooklyn, 13 in Queens and eight in Staten Island and the Bronx. The Real Deal reported that since the beginning of the year, a total of nine building permits were filed for hotels in Queens with a total of 894 rooms Thousands of tourists are taking advantage of lower prices at hotels in the Borough of Queens. In addition to lower room prices, developers are anxious to develop hotels in Queens, especially in Long Island City. A Pratt Center for Community Development study released in March reported that Long Island City hotels have a higher net operating income, average revenue and average market value per square foot than residential, commercial or industrial. The Long Island City Partnership reported this summer that LIC currently has 3,000 hotel rooms in the neighborhood and that 26 more hotels are in the planning or construction phase in the area. Visitors to the Big Apple are now taking advantage of the newest hotels, which have opened this year in Queens. In May, the 17 story, 183 room, Hilton Garden Inn, opened at 29-21 41st Avenue, followed this summer by the 108-room The Boro Hotel, at 38-27th Street, in the heart of the Dutch Kills section. The boutique hotel represents the 26th hotel in operation in this section of Queens. Later this year, the 54 room addition to the Ravel Hotel, which will be known as Estate at Ravel is scheduled to open. October, 2016 is the scheduled date for the opening of the 22 story, 176 room, Aloft Long Island City, at 27-45 Jackson Avenue. Construction has been delayed for the opening of the Four Points by Sheraton Flushing and Element Flushing. The Four Points by Sheraton will feature 18 rooms, and the Element Flushing will open 118 rooms. The hotels were announced in September 2013 with a planned opening before the end of the year. According to the company website the properties will open in December, 2017. A number of hotels are planned to open over the next eighteen months especially in Jamaica. A total of seven new hotels are planned including a number for downtown Jamaica. They include a nine story, 155 room, Four Points Sheraton on 94th Avenue. A few blocks away will be the 224 room Courtyard by Marriott and 114 room Fairfield Inn and Suites are planned for Archer Avenue, near 149th Street. Construction is scheduled to begin on a 24 story, 240 room Hilton Garden Inn, across the street from the AirTrain and the Long Island Railroad Station. And as reported in June in Queens Tribune, at the site of a former Rego Park Strip Club, a 50 room Wyndham Garden Hotel LaGuardia South, is under construction with a planned opening in the spring of 2016. Local Lending... Endless Possibilities... Contact our real estate professionals: Lon King (718) 240-4931 Apartment Building Multifamily Building Victor Padilla (718) 240-4773 www.ridgewoodbank.com Bryan Lutz (718) 240-4734 Multifamily Building Multifamily Building Member FDIC EQUAL HOUSING LENDER

Page 8 Oct. 1-7, 2015 More than 35 percent of the apartments at QLIC, a new development by World Wide Group in Queens Plaza have been leased, less than two months after leasing began, a new record according to the developer. The new tower at Queens Plaza and 24th Street has additional units available for immediate occupancy. The 421-unit property is seeing a rapid start to leasing, particularly among young professionals and families who are seeking an amenity-rich building with a diverse mix of one-, two- and three-bedroom apartments - a testament to the growth of Long Island City and the Queens Plaza neighborhood in particular, the developer said in a press release issued last week. The building features over 28,000 square feet of amenities, including a swimming pool, outdoor barbeques and picnic areas, a private garden, state-of-the-artfitness center, indoor parking, and a bike room. Additional- is important. We re here to help first-time homebuyers navigate the mortgage process and make buying a home affordable, even if you have: To get started, call 1-888-253-0993 or visit mtb.com/mortgage. Certain restrictions apply. Subject to credit and property approval. NMLS# 381076 2015 M&T Bank. Member FDIC. Bayside (continued from page 4) in Manhattan was an astounding $980,000, a number that excludes home sales, only highlighting condo and co-op closings. Of course, a typical Bayside single-family home will cost closer to the Manhattan figure than the one representative of its own region s median price yes, Bayside is still on the high end of that spectrum. But if a buyer wants a driveway and a garage, a front and back yard, and multiple levels of housing, those features won t be found in an average Manhattan condo purchase. Carollo says the Bayside entrance fee the approximate minimum cost for a detached single-family home in the neighborhood, and one that might need some upgrades is about $700,000. From where I stand though, Carollo inists, that s a bargain. He adds that he s selling an abundance of homes for about $850,000 to buyers who don t mind putting a little work into the property. For those who can t quite afford a new house in the area, Bayside has its shares of condos and coops as well. Pollak, working out of the Century 21 Bay Benjamin office in the Bay Terrace Mall, specializes in those property types. Onebedroom condos in the area start at about $350,000, with two-bedrooms beginning at $500,000, she says. With co-ops, you could buy a studio or one-bedroom for as low as $100,000, but there are also coops for $700,000. It depends on the building and the location. Tribune/Press Real estate MaRketplace QLIC Apartment Leasing Hits Big Milestone By DOMENICK RAFTER Editor in Chief rendering courtesy world wide group QLIC has rented more than a third of its apartments, only six weeks after leasing started. ly, QLIC s residences each tout in unit washer and dryers, stainless steel appliances, white oak floors, and quartz countertops while many offer private balconies and terraces. It s exciting to see our vision for QLIC realized a building that offers incredible apartments to call home and an exciting community in which to live, said Rachel Loeb, Director of Development at World Wide Group. The rapid pace of leasing demonstratesthe demand for buildings that fit this bill, making it convenient to live, work, and play all in one place. We re looking forward to welcoming our new residents, and anticipate a rapid lease-up over the coming months. QLIC is a world class development located in one of the most convenient residential neighborhoods in all of New York City, making it no surprise that we ve experienced such a successful building launch, said David Maundrell, President of aptsandlofts.com, the Exclusive Marketing and Leasing Agent for the development. With an incredible number of new businesses opening in the surrounding area including a variety of arts and culture institutions and a short five minute commute to Manhattan, Queens Plaza is really grabbing people s attention. The neighborhood has arrived, and apartment seekers from the LIC waterfront, Midtown Manhattan, outof-state and beyond are recognizing this section of Long Island City as a fantastic place to live. The apartment building is the latest in a boom of residential development in Long Island City, notably the Queens Plaza area, where several supertall residential buildings including the tallest building in New York City outside Manhattan are in development. The building is within a five-block radius of eight subway lines (7, N, Q, E, F, M, R and G) and five minutes to Midtown by subway. The entrance to the building is adjacent to Long Island City s brand new bike path to Manhattan. For more information on QLIC and available listings, please visit qlic. com. No matter the cost, if a property in Bayside is priced right by the seller, it will be off the market in a flash. StreetEasy.com reports the median number of days in 2014 that Bayside houses and townhouses spent on the market was a microscopic 42. Only two years prior, that number was 123. Steven Meyer, owner of the Century 21 Bay Benjamin branch says, In other parts of the country you can spend years trying to sell something. In Bayside, a sale can be made in as quickly as one week. One reason for such frenetic movement when a home does reach the market is an incredible dearth of inventory in Bayside. Almost all of the region s land has long been bought up, and the neighborhood s zoning laws do not permit highdensity developments to go up. Meyer estimates conservatively that re-sales make up 90 percent of his office s total closings. According to Meyer, Pollak and Carollo though, all that Bayside has to offer its residents is really what s helping the area draw so much attention of late. They point to the abundance of shopping, observing that the Bay Terrace mall has recently drawn more high-profile outlets that Queens-ites could only visit after a trip to Long Island. Each of them touts Bayside s central location near a number of highways and waterfronts, along with the presence of the Long Island Railroad and many express busses. Bayside s school District 26 is one of the city s best, and that classic suburban atmosphere persists, just 25 minutes east of Manhattan. If you want it all, you come to Bayside, Carollo says.