New York City, NY, USA

Is Queens the New Brooklyn?

The city's most diverse borough is on the real estate rise.

Photo ©iStockphoto.com/Terraxplorer

Everyone from Archie Bunker to the Ramones to Tony Bennett have called Queens home, but New York City's most diverse borough has more often been linked to its working-class ethos and ethnic enclaves than its enviable real estate options. That is, until now. According to a recent article in the New York Times, Queens as a hot new scouting destination for eager residential developers that are slowly "tilting toward Queens" as real estate prices continue to rise in Manhattan and Brooklyn and wary New Yorkers expand their hunt for affordable housing. While trendy Brooklyn's prices continue to soar, median prices in Queens have remained steady for over a year, making it the latest hotbed for property steals and luxury deals with easy subway access and just a short commute to Manhattan.

Multiple new luxury projects, including those in Rego Park and an $850 million mixed-use project in downtown Flushing, are currently in the works. The progressive move east is paying off and developers are branching out beyond the waterfront and sweeping skyline views of Long Island City, located just across the river from Manhattan, where condos are reportedly going for more than $1,000 a square foot. Sunnyside and Astoria (where average rent in a luxury building is $2,520) are also gaining traction. Even musician Steve Wynn vacated his Manhattan digs for a more spacious abode -- the top floor of a prewar co-op snagged for $430,000, in the super-diverse nabe of Jackson Heights.


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