NEW YORK CITY-High demand for multifamily rental units is evident in Astoria, Queens, where investment sales firm Falco Isak Realty Services sold a bulk package of 138 sponsor units. Rubin S. Isak, CEO and founder of the firm, says the multifamily market is the hottest market in commercial real estate with lots of demand and little inventory. Queens, and the Astoria area in particular, are hot.
“Anything that comes up gets taken right away,” Isak says. “Astoria is a very hot market. Occupancy is close to 100%, and there’s never a vacancy in western Queens. When you have demand like that, things get snapped up quickly.”
Several reasons account for Astoria’s popularity, Isak says. Rents are “relatively decent.” It has good proximity to Manhattan and good access to highways and the subway and buses
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