First Brooklyn, now Queens! While Manhattan has long reigned supreme as the leader in residential real estate developments, Queens is the latest borough to see a building boom of its own, The Wall Street Journal reports. Although the waterfront has traditionally been billed as the most appealing development site, the most popular new housing complexes have sprouted in a rather unlikely location significantly inland: Queens Plaza.
Initially envisioned by developers and city planners as a demi-Times Square, Queens Plaza has proved a more fruitful ground for new residential developments. Construction on commercial space in the area has slowed, but the market for shiny new apartment complexes has skyrocketed.
Between 2,000 and 3,000 apartments could hit the market in the Queens Plaza area in the next three years, say brokers. With that many new units, Queens Plaza will start catching up with the nearby Long Island City waterfront, which is already densely packed with glass towers.
But before you start packing your belongings and driving across the Queensboro Bridge, you should be warned that prices at the Plaza aren’t exactly cheap. Rockrose Development Corp. is planning a new $750 million residential complex at Queens Plaza with Manhattan-esque price-points.
The first building, a 709-unit, 42-story rental tower at 43-10 Crescent St., is already out of the ground. Studios will rent for about $1,750 a month, while two-bedrooms could fetch about $3,350 a month.
Just imagine! You can move your growing family out in Queens, make the easy commute to Manhattan during the week and take cultural excursions to Rikers Island on the weekends via the nearby Q100! We hear they do cheap tattoos and make a mean slop stew.