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Queens Investment Sales Reach $3.17 Billion in 2023, With Development Leading Transactions, Ariel Property Advisors Report Shows

Sean R. Kelly, Esq.
Ariel Property Advisors

NEW YORK, NY – February 14, 2024 – Queens recorded 483 investment sales transactions totaling $3.17 billion in 2023, reflecting a 25% decline in transaction volume and a 26% reduction in dollar volume compared to the prior year, as detailed in Ariel Property Advisors’ Queens 2023 Year-End Commercial Real Estate Trends report.

“Development dominated the investment sales market in Queens last year with close to $1 billion in sales,” said Sean Kelly, a Partner with Ariel Property Advisors. “The most noteworthy transaction was Beacon Wind Land's strategic $216 million purchase of 31-01 20th Avenue. The property will serve as a hub to connect a 1,230 megawatt wind project under construction in the Atlantic Ocean to the Con Ed electrical grid.”

The following is a summary of the performance of each asset class in Queens in 2023:


          •  Development sales totaled $955.8 million across 67 transactions, an 8% decline in both categories.
          •  The price per buildable square foot rose to $223, one of Queens' strongest years ever.
          •  The Hilton hotel at 144-02 135th Avenue in Jamaica, which traded for $64 million, will be the first hotel-to-housing conversion under the Housing Our Neighbors with Dignity Act program. The site will yield 318 units for low-income and formerly homeless individuals in a collaborative effort between RiseBoro Community Partnership and Slate Property Group.


          •  Following a record-breaking 2022, Queens saw just under $736 million in multifamily sales across 223 transactions in 2023, which translates to the second-lowest dollar volume and third lowest transaction volume in the past 10 years.
          •  Buildings with 75% or more rent-stabilized units accounted for approximately 57% of the dollar volume and 68% of the transaction volume. The average price per square foot for rent stabilized assets fell 24% year-over-year to $209.
          •  Free market (less than 25% rent-stabilized) and 421A multifamily buildings are still seeing price appreciation with an average $424/SF in 2023, 6% higher than 2022.


          •  The commercial asset class recorded $619.9 million in 2023, down from 2022 and 2021, but still higher than 2016-2020, thanks to the resurgence of the hotel market.
          •  Eight of the 10 largest commercial trades were for hotels, which have seen average daily rates rise and supply fall due to the influx of migrants, new regulations for Airbnb and restrictions governing the construction of new hotels.
          •  The price per square foot for all commercial buildings declined to $599 year-over-year, however the average price per square foot for hotels rose 30% because of increased demand.


          •  Compared to 2022, dollar volume in the industrial market fell 42% to $473.6 million in 2023, the lowest level since 2016, and transaction volume fell 23% to 70 over this period.
          •  The year ended with the average price per gross square foot declining to $446.
          •  Turnbridge Equities’ sale of 58-95 Maurice Avenue to Bridge Development Partners for $57 million at the end of 2023 was the largest industrial sale in the borough. The property, which sold for $39.5 million in 2019, is fully leased to FedEx, Skylift and Dal-Tile.

The full report is available here.

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Ariel Property Advisors

Ariel Property Advisors is a New York City-based commercial real estate services and advisory company with three main groups: investment sales, capital services and research. The Investment Sales Group covers all major commercial asset types throughout the NY metropolitan area, while the Capital Services Group provides clients nationwide with custom tailored financing. Finally, our Research team empowers our professionals and clients with timely market reports. More information is available at

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Gail Mitchell Donovan, Senior Director - 
                          Communications, Ariel Property Advisors

Gail Mitchell Donovan

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212.544.9500 ext. 19


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