There has been a noticeably sharp increase in residential development in New York City so far in 2018, but nowhere is it more prominent than in Queens, according to a new report released by New York YIMBY.
In the real estate publication’s first-ever mid-year pipeline report on July 30, it shows that the number of new residential units in Queens rose from 1,867 in the first half of 2017 to 4,536 in 2018 — an increase of 243 percent and the largest growth of the five boroughs. Overall, the citywide year-over-year numbers show that new residential units have risen from 9,134 in the first six months of 2017, to 15,305 in 2018 — an increase of 67.5 percent.
Much of the growth in housing in Queens has been powered by Long Island City, which is rapidly turning into a city all its own. In just the past two weeks, two proposed developments have been revealed as being contenders for the tallest buildings in the borough; a 750-foot, mixed-use tower on 24th Street and a 752-foot condominium tower on 44th Drive.
In April, the previous contender for the tallest building in Queens was a 710-foot mixed-use tower on 41st Avenue.
While such towers have prompted local leaders to speak out about the zoning laws in the area, the YIMBY report suggests that the surge in Long Island City could have positive effects as the supply meets the demand for housing.
“As supply finally meets demand, price decreases in the neighborhood may also continue, offering New Yorkers opportunities for legitimately affordable market-rate housing that is extremely proximate to the city’s main job centers in Manhattan, and disproving the NIMBYs who insist that new construction can only result in rising housing costs,” the article said.
In other parts of the borough where developments call for zoning changes, the plans have been met with heavy resistance. In June, Community Board 2 voted against a proposed development with 561 apartments on Queens Boulevard, but the plan is still under review by the borough president, City Planning Commission and City Council.
Plans for another tower on Queens Boulevard that would reach 23 stories and contain more than 100 apartments were also revealed in July.
In addition, the report suggests that hotel applications have seen an increase while the city attempts to curb their growth by amending the zoning laws for M-1 districts. Through the first half of 2018, 2,337 new hotel rooms have been submitted compared to 2,114 in the first half of 2017, an increase of 11 percent.
Overall, new units filed in the five boroughs are projected to reach 30,000 by the end of the year, according to the report.
