NEW YORK CITY—Investors and developers with an eye toward Long Island City or Astoria because of their low prices—compared to Manhattan and other parts of the city—need to pull the trigger soon on any planned acquisitions in those areas. A new report says land prices in the area are skyrocketing. The research, prepared by Modern Spaces based on Q3 data, also studied the pricing of residential rental units and condominiums in the Queens neighborhoods.

In Long Island City, land is selling at an average of over $200 per buildable square foot with some transactions reaching almost $300 per buildable square foot, according to the research. However, the firm believes that the market will level off at $225-$250 per buildable square foot.

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