Looking at the Astoria real estate scene via "Astoria euphoria" from The Real Deal

Image source: t_a_i_s on Flickr

Over on The Real Deal is a fascinating Q&A with residential brokers and market analysts regarding their thoughts on real estate in Astoria. The people queried are:

• Vickie Palmos, salesperson, Astoria NY Condos
• Charles Sciberras, vice president, residential sales, Realty Executives Today
• Robson Lemos, senior vice president, Corcoran Group
• Harold Valestin, vice president, MNS
• Jonathan Miller, president/CEO, Miller Samuel Inc
• Chris Shiamili, owner, Ardor New York Real Estate

There are many gems within, and it’s tempting to list them all (but we won’t). Here are some particularly tasty takeaways from each expert.

Vickie Palmos: “Long Island City has reaped the rewards of Astoria’s ancient zoning.” Astoria rezoned a 238-block area (map pdf) in Astoria in 2010, adding added new restrictions on height (among other things) for new developments. But it was too late – LIC had taken over as the place for tall building developments. That said, the rental market in Astoria is going strong. New condo purchasers and the most active buyings.

Charles Sciberras: Rentals and sales are strong in Astoria. The biggest challenge in moving units is for property owners to be realistic in their pricing. As far as who is buying, it’s young couples, single people and “foreigners.”

Robson Lemnos: Sales are as robust as they were during the housing boom. Tenants are moving to Astoria to save money and get a better value for the same price they’d pay in Manhattan. He believes the Lincoln Equities’ $1 billion Hallet’s Point will affect the market positively; bigger developments sell better.

Harold Valestin: Property prices are up in part because of inventory dropping. Basically sales of studios-3 bedroom apartments are all doing well. Astoria has a very strong rental market with lots of inventory.

Jonathan Miller: Condos and co-ops are priced about the same these days.

Chris Shiamili: Retail space is somewhat limited, and gyms and nightclubs have been opening, with nightclubs opening up in warehouse spaces. Every inch of Astoria is being developed, even out by 21st Street.

Conclusions: Astoria lost out on building taller structures thanks to timing of rezoning, so that kind of development moved to LIC. The rental market is very strong in Astoria and property sales are doing well, too. The big developments out by the water – Hallet’s Point and Astoria Cove – will do well, too, since bigger developments sell better. This area is even further west than 21st Street, which is home to a number of developments which are doing well. Property prices are up because inventory of condos especially is down.

As far as the rental market goes, Astoria has much going for it along with its plentiful inventory and relatively reasonable prices, but it also has a reputation of attractiveness on many levels. It’s proximity to Manhattan is one of the big reasons people choose live there, and they are thrilled when it all comes together – work-job-recreation. For many single women, Astoria is perceived as a safe neighborhood, too, making finding a rental or property to buy, all more appealing.

With more contemporary restaurants, bars, and cafes opening up along major pedestrian arteries of 30th Avenue and Broadway, that also has much appeal to go along with an apartment. Even Ditmars up in the northern part of the neighborhood is starting to attract interesting and less conventional restaurants (ramen, French pastries, and Australian food, for starters) among the Greek Tavernas. People really want to live in Astoria, and that is great for the rental market.

Astoria euphoria [The Real Deal]
The state of new-development apartments in Queens, Brooklyn, Manhattan [QueensNYC]
Astoria Rezoning Approved [NYC.gov]