In the development site asset class sector, 2015 was a record year for Queens with many firsts. It was the first time Queens hit 102 transactions (a 21.42% increase from 2014), a total dollar volume of $1.1billion (a 40.66% increase from 2014) and a $10.6M average sales price, the first time it reached double digits. (a 13.97% increase from 2014). 2015 was also the year with the largest amount of proposed new dwelling units at 13,014 units. Five years later, and where are we in this asset class? Here’s a look:

In 2019, the Queens development site sector saw 57 transactions (26.92% decrease from 2018) valued at $737M (a 12.17% increase from 2018), with an average sales price of $12.9M, the highest average sales price in Queens’ history. (a 53.57% increase from 2018). 2019 also saw 8,490 dwelling units being proposed.

So far in 2020, Queens has seen 27 development site transactions, a 52% decrease, valued at $268M, a 63% decrease, with an average sales price at $9.9M, a 23.25% decrease. This is a direct impact from the Covid-19 shutdown. However, so far in 2020, developers have filed permits to bring 4,252 dwelling units to the borough. This demonstrates that developers still have a bright outlook on the future of the borough.

15 of the most recent filings from optimistic developers for August and September 2020 are highlighted below:

1. 26-26 4th Street in Astoria. On September 14, 2020, developers filed plans to construct a 288,907 sq. ft., 18-story, 204 ft tall tower with 165 dwelling units and 37,656 sf of community facility space on a 105,139 sq. ft. lot.
2. 22-08 Astoria Blvd in Astoria. On August 28, 2020, developers filed plans to construct a 12,506 sq. ft., 5-story, 53 ft tall, mixed use building with 16 dwelling units on a 4,174 sq. ft. lot.
3. 11-26 31st Drive in Astoria. On August 25, 2020, developers filed plans to construct a 31,285 sq. ft. 8-story, 84 ft tall, apartment building with 51 units on a 9,966 sq. ft. lot.
4. 31-61 Vernon Blvd in Long Island City. On August 25, 2020, developers filed plans to construct a 34,095 sq. ft. 8-story, apartment building with 51 units on a 9,965 sq. ft. lot.
5. 29-10 21st Street in Astoria. On August 24, 2020, developers filed plans to construct a 8-story mixed-use building with 28-apartments on a 5,000 sq. ft. lot.
6. 20-08 Steinway Street in Astoria. On August 17, 2020, developers filed plans to construct a 4-story apartment building with 26 apartments on a 10,000 sq. ft. lot.
7. 36-33 13th Street in Astoria. On August 17, 2020, developers filed plans to construct a 9,834 sq. ft., 2-story commercial building on a 10,187 sq. ft. lot.
8. 27-20 42nd Road in Long Island City. On Septem- developmentsiteadvisors.com / 27 ber 8, 2020, developers filed plans to construct an 8-story, 99 ft tall, mixed-use building with 51 residential units on a 7,911 sq. ft. lot.
9. 46-10 11th Street in Long Island City. On August 24, 2020 developers filed plans to construct a mixed-use, 8-story, building with 44 apartments on a 9,950 sq. ft. lot. The building will also have 20,355 sq. ft. of community facility space.
10. 54-17 90th Street in Elmhurst. On August 5, 2020 a church filed plans to construct a 10,000 sq. ft. 4-story, community facility building on a 5,000 sq. ft. lot.
11. 157-04 35th Avenue in Flushing. On August 25, 2020 a church filed plans to construct a 2-story, 7,866 sq. ft. community facility building on a 15,856 sq. ft. lot.
12. 80-12 Jamaica Avenue in Woodhaven. On August 26, 2020 developers filed plans to construct a 6-story, mixed use building with 10 apartments on a 2,393 sq. ft. lot.
13. 116-01 101st Avenue in South Richmond Hill. On August 10, 2020 developers filed plans to construct a 7,471 sq. ft., 4-story mixed-use building with 6 apartments on a 3,526 sq. ft. lot.
14. 45-06 215th Place in Bayside. On September 8, 2020 developers filed plans to construct a 5-story, 39,997 sq. ft. mixed-use building with 34 apartments on a 20,000 sq. ft. lot.
15. 95-08 147th Place in Jamaica. On August 19, 2020 developers filed plans to construct a 10-story, 100-ft tall, mixed-use building with 118 apartments on a 16,136 sq. ft. lot.

Queens County’s population is nearing 2.25 million residents according to the most recent United States census data. With an average 2.2 percent year-overyear growth rate in population, there is no question why Queens has seen an exorbitant increase in Residential Development over the last 20 years. As Development is a lengthy process (most projects take 3-4 years to complete), it is very important to look at multi-year trends. Between the years 2010- 2014, Queens County saw 251 Transactions and $1,566,900,000 in Sales Volume, with an Average Sales Price of $5,500,000. 5 years down the road, between 2015-2019, Queens experienced 387 Transactions with $4,018,000,000 in Sales Volume and an Average Sales Price of $10,360,000. That is a 54.2%, 60.7% and 46.9% increase, respectively. New Yorkers are looking for apartments with extra space and better amenities and Developers are trying to meet that demand in Queens.