Queens neighborhoods like Woodside, Sunnyside, Jackson Heights, and other areas along the 7 train will soon see a massive amount of residential growth as a result of the "L train effect," finds a new report conducted by Ariel Property Advisors.
The report concludes that more people will begin to migrate further east into Queens at an accelerated rate thanks to the MTA's impending 18-month shutdown of L train service between Brooklyn and Manhattan and the opening of Cornell Tech’s residential campus on Roosevelt Island, driving a new demand for reliable transportation into the city at an affordable price.
Long Island City has established itself as an in-demand neighborhood, where prices have increased drastically over the course of the last five years. As prices in the area, as well as in Astoria, continue to climb, more people will turn to areas further away from Manhattan, explained Ariel’s director of investment research Aryeh Orlofsky.
The added real estate pressure forecasted for Queens borrows from scenarios seen throughout the city, like with the rise Williamsburg when an influx of new renters and home purchasers drove up prices in the neighborhood before looking to Bushwick and East Williamsburg for lower prices, cites DNAinfo.
Housing prices in neighborhoods along the 7 line have already been rising over the past four years, and things will only get more expensive in the months ahead. In this year alone, the price per square foot of a multi-family home in Long Island City rose from $208 to $488 just over the past year. And that huge jump wasn't exclusive to Long Island City.
Over the past four years, prices in several Queens neighborhoods have risen considerably. In Sunnyside, the price per square foot rose from $168 to $427; in Woodside from $132 to $306; in Jackson Heights from $170 to $302; in Elmhurst from $204 to $258; in Corona from $222 to $351; and in Flushing from $190 to $203.
As prices rise along the 7 line, so too does ridership.
Despite the increasing prices, Queens will not see the amount of new developments that Brooklyn saw. "You’re not going to see big towers, but you will see a lot of upgrades to existing building stock," Orlofsky writes in the report.
So while parts of Queens may get more expensive thanks to the L train shutdown, those daring enough to buy or rent along the L line during its shutdown may nab one heck of a deal.