Queens’ potential for growth and development
“We think this is good news. It shows that the market is recognizing the potential that lies in Queens,” said John Young, the Queens planning director at the Department of City Planning.
Some publications, including this one, have already shed light on Queens’ potential for growth and development. Lonely Planet recently named the borough the top destination to visit in 2015. In December, Gotham Gazette noted that “the success of new luxury residential developments in western Queens, and large development projects in Flushing, Corona and Willets Point have developers dreaming of new glass high-rise residential towers.” The area has recently made real estate headlines with mixed-use project Astoria Cove. There has been rezoning of large swaths of borough neighborhoods, including Jamaica, East Elmhurst and Ozone Park, with 45 neighborhood contextual rezonings having been undertaken since 2002.
However, new building permits do not necessarily translate into housing unit permits issued. According to data provided by the Real Estate Board of New York, in 2014 (excluding December), Brooklyn was issued the most housing unit permits, with 6,934. The borough was followed by Manhattan, which received 5,281 and then Queens, which received 3,789. Though the Department of Buildings measures growth in part by the number of building permits issued, it is important to note that projects in Manhattan can be significantly larger than those in Queens, thereby creating more housing.
Ms. Katz said her jurisdiction is in dire need of affordable housing. “One of the biggest challenges we have in Queens is balancing development because we desperately need housing,” she emphasized. The Queens communities of Woodside, Jackson Heights, Elmhurst and Corona are some of the most severely overcrowded neighborhoods citywide.
“With prices at their highest in years homeowners and owners of industrial properties are taking advantage and cashing out by selling to developers,” said Peter Horowitz, a real estate broker working in Queens and the owner of Astoria-based Horowitz Real Estate. “There’s tremendous demand for properties in Queens, especially in the areas of Astoria and [Long Island City]. More zoning changes… will allow and make way for more high-rise hotel and condo development.”