Developer Sam Charney is focusing on the Long Island City area of Queens as a future growth area for sales of condominiums, and in partnership with Ascent Development is completing a three-unit building in the neighbourhood, with plans to start on a 54 unit tower just down the road.
The neighbourhood has been prime rental space, but with land prices shooting up, that is no longer the case – “it doesn’t really pencil out for a developer to do a rental,” Eric Benaim, president and chief executive officer of brokerage Modern Spaces, said.
Data from the brokerage shows purchases of sites for residential development s more than tripled in the area in the first nine months of the year, to $418.9 million.
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