NEW YORK CITY—Investors and developers with an eye toward LongIsland City or Astoria because of their low prices—compared toManhattan and other parts of the city—need to pull the trigger soonon any planned acquisitions in those areas. A new report says landprices in the area are skyrocketing. The research, prepared byModern Spaces based on Q3 data, also studied the pricing ofresidential rental units and condominiums in the Queensneighborhoods.
In Long Island City, land is selling at an average of over $200per 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 perbuildable square foot.
Surging land prices in Astoria doubled over the past year, withsome properties selling at prices eclipsing $200 per buildablesquare foot. However, the area's average is still below thisfigure. Prices are expected to continue rising because Astoria isripe for development.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
