Tag: real-estate-newsletter

Union construction workers and elected officials demand removal of Joy Construction from Edgemere Commons mega development

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Jan. 29, 2024 By Gabriele Holtermann Construction laborers, union members, community leaders, and elected officials rallied outside Edgemere Commons on Beach Channel Drive in Far Rockaway, Queens, on Jan. 25, demanding the removal of Joy Construction as the general contractor for the mega development that consists of 11 buildings and 2,050 affordable and middle-income apartments. Laborers Local 79, which represents 10,000 construction workers in New York City, organized the rally after Joy Construction allegedly failed to report that a construction worker had been injured on site after being struck in the knee on Dec. 23 by splintered wood. The injury…
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Rents drop in NYC for first time in eight months: report

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Jan. 26, 2024 By Ethan Marshall The median rent price for one-bedroom and two-bedroom units in New York City both went down from December 2023 to January 2024, marking the first time since May that these prices went down month-over-month, according to a report by the real estate firm Zumper. The median rent for one-bedroom units in New York City decreased 2.9% from $4,161 in December 2023 to $4,040 in January 2024. Over the same period of time, two-bedroom units saw the median rent dip 6%, from $4,798 to $4,510. Despite the month-over-month decrease, New York City maintained its number…
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$12.3 million purchase of additional land for Willets Point redevelopment plan completed

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Jan. 18, 2024 By Ethan Marshall The developers who plan to build a soccer stadium, affordable housing, retail space, open space, an elementary school and a hotel in Willets Point have purchased additional land where the ambitious project is slated to go. NYCFC, Sterling Equities and Related purchased two parcels in Willets Point for $12.3…
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Queens had more foreclosures than any other borough in 2023: report

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Jan. 17, 2024 By Ethan Marshall Queens had more foreclosures than any other borough in 2023, accounting for 39% of all cases across the city, according to a report by the real estate firm PropertyShark. Of the 1,620 foreclosures in New York City in 2023, 631 of them were in Queens, including 50 in Elmhurst. The Queens…
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Rental prices in Queens are up almost 5% from a year ago: report

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Queens

Jan. 16, 2024 By Ethan Marshall The average rental price in Queens increased 4.76% over the past year, from $2,654 in December 2022 to $2,780 in December 2023, according to a report by the New York City real estate firm M.N.S. Real Estate. Studio, one-bedroom and two-bedroom units all experienced increases in rental prices across…
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Queens neighborhoods to lead NYC real estate resurgence in 2024: Report

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Jan. 10, 2024 By Czarinna Andres Queens is poised to be the epicenter of New York City’s real estate resurgence in 2024, according to a report by the real estate firm Street Easy. The report, titled 10 NYC Neighborhoods to Watch in 2024, said that trendy sub-neighborhoods within Queens will be stealing much of the spotlight, noting that in 2023 many renters and potential buyers flocked to the borough in search of more affordable housing options. While Queens is expected to shine, the report also indicates that Manhattan may regain popularity among renters this year as rental prices begin to…
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Op-ed | New York City’s broken property tax system

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Jan. 8, 2024 By Martha Stark For decades, it has been an open secret that New York City’s property tax system is inequitable and unfair. This regressive system, rooted in outdated and discriminatory policies, has not only exacerbated the housing crisis but also deepened the economic divide, disproportionately burdening lower-income and minority communities. Next week,…
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Citing unfair property tax system, coalition seeks to even the playing field

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Dec. 28, 2023 By QNS’s advertising partner As the City’s Finance Commissioner during the Bloomberg Administration, Martha Stark helped bring a new level of transparency to the property tax system. For the first time, owners were notified of the process and information that was used to assess their property taxes. Now, as the co-founder of…
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Two con men plead guilty in deed fraud scam to steal houses in Queens, Nassau County: DA

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Dec. 27, 2023 By Bill Parry A Far Rockaway man and his accomplice from Long Island pleaded guilty to a wide-ranging scheme to steal residential properties in Queens and Nassau County by filing forged deeds, Queens District Attorney Melinda Katz announced Wednesday. Russell Carbone, 69, of Beach Ninth Street, and Terrell Hill, 40, of West Hempstead, worked together to target homes where the owners died and their heirs had not taken title to them. To help find the properties, Hill, a landscaper, would alert Carbone, a disbarred attorney, to homes that appeared abandoned. Most of the properties turned out to…
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Lottery opens for ‘affordable apartments’ in Kew Gardens, 1-bedrooms to rent for $3,140

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Dec. 21, 2023 By Christian Murray It’s pitched as an affordable apartment in Queens, yet the rent for a one-bedroom is $3,140 a month. NYC Housing Connect has opened a lottery for 16 “affordable apartments” inside a new 8-story, 51-unit development in Kew Gardens. The building, located at 81-07 Kew Gardens Rd., has been developed by FBL Development, and includes a range of amenities, such as a gym and a rooftop terrace. The units are designated for residents whose income falls within 130% of the area median income (AMI). The range accommodates potential tenants with incomes spanning from $107,658 to…
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