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Queens Investment Sales Break Record In 2016, Prices Leap

NEW YORK CITY—Dollar volume reached its highest level on record, and prices appreciated more than any other borough last year, a new report reveals.

By Rayna Katz | raynakatz | Updated on February 21, 2017

Photo of Michael Tororici

Tortorici: “Big deals should continue as more institutional investors acknowledge the upside potential offered by properties in Queens.”

NEW YORK CITY—Queens investment property sales jumped in 2016, with dollar volume reaching its highest level on record, and prices appreciating more than any other borough, according to Ariel Property Advisors’ newly released Queens 2016 year-end sales report.

The borough’s increased rental rates and relative affordability compared with other submarkets contributed to growing demand by investor’s seeking prime assets within the “world’s borough.” In fact, last year was a banner year for Queens, registering 643 transactions consisting of 897 properties totaling approximately $4.9 billion in gross consideration.

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