Move Over Astoria: Is Woodside Real Estate the Next Hot Market in Queens?

Is Woodside Queens Real Estate the next hot market in Queens? When Eddie murphy came to Queens in Coming to America, it was a comical joke and a downtrodden area. The idea of a Prince moving to Flushing was extremely unfitting for someone of royalty. Today, Queens is swimming with luxury rentals, Condominiums, townhomes and investment properties. In fact, Astoria has become so popular, it essentially as expensive as prime Manhattan. With all of the activity in Flushing, Astoria, Forest Hills and other neighborhoods of Queens, it is only logical that Woodside is the next haven for real estate development.

Earlier this year, I sold a parcel of land at 43-52 52nd Street. The property consisted of a former Church Building that would need to be demolished and re-developed. For years it served the local community, but had closed down during Covid. The buyer, a well-known builder in Queens, purchased the property without approvals and was eager to develop a multi-story rental asset. Immediately after listing the property, we had inquiries, showings and offers for this valuable development opportunity.

If you walk up and down 52nd Street, you will find the entire block under development. The investment dollars being spent on this neighborhood show the potential this location offers.

Woodside Queens Real Estate: 5 Benefits to Owning

1. Affordable pricing of development land
2. Affordable rental market
3. Train access nearby
4. Close proximity to Queens Boulevard and major highways
5. Manhattan is a short stop away

Essentially, the deals still make sense for both developers, renters and buyers. Unfortunately, during the past decade many developers have been priced out of future projects because the acquisition cost was too expensive. And renters have been unable to pay exorbitant prices that fit into their annual budget. In Woodside, the opposite is happening, as there is still money left on the table for all parties. Additionally, tax abatements are available for various projects with a certain percentage dedicated to affordable housing.

Aside from the real estate component, restaurants such as Trattoria L’incontro have been serving the local population for many years. More culinary establishments continue to pop-up.

For all of these reasons, I am extremely bullish on Woodside Queens Real Estate. There are few pockets in the Tri-State area that still offer quality development opportunities at affordable price-points.