The COVID-19 pandemic has wreaked havoc on many segments of the real estate market in the past year. A recent article in The New York Times notes that many home markets have been very active and have seen prices increase - with the exception of New York City and San Francisco, where prices for co-op and condo apartments have adjusted downward at a serious rate. Yet, according to Eric Benaim, founder and CEO of Modern Spaces, a brokerage based in Queens, that’s not the case in Astoria.
What’s Going On in Astoria?
Astoria, located in the northwest corner of Queens, has seen a level of growth during the pandemic not seen elsewhere in the New York City co-op and condo market, according to Benaim. “In fourth quarter 2019, pre-pandemic, 13 luxury condo unit sales closed in Astoria. An additional 12 luxury units went to contract in that same period,” says Benaim. The average sales price per unit for that period was $738,000, and the median price $742,000. The average price per square-foot was $845, and the median price per square foot, $925.