Below I will touch on recent sales that will explore when the seller purchased the property and for how much; I will also detail what the new owner has paid for the property. As you will see, the pure profits that sellers are realizing in this market are record breaking:
1. 75-10 Grand Central Parkway in Forest Hills is a 20,220 Sq. Ft., 36-unit Elevator Apartment Building that sold on August 25, 2015 for $8,600,000. The seller purchased this building in December 2010 for $4,500,000. A 48% increase in five years.
2. 24-30 43rd Street in Astoria is a 4-story, 8-unit; walk up apartment building that sold on July 16, 2015 for $1,950,000. The seller purchased this building in June of 2010 for $1,515,000. A 23% increase in five years.
3. 35-11 9th Street in Long Island City is a 102,670 Sq. Ft. office building that sold on August 19, 2015 for $31,100,000. The seller purchased the building is November 2008 for $11,755,000. A 62.3% increase in seven years.
4. 107-01 71st Avenue in Forest Hills is a single-story retail property, with Citibank as the tenant. The property traded for $28,000,000 on June 2, 2015. The previous owner purchased this building only 3 years ago in December 2012 for $22.7M. A 19% increase in three years.
5. 5-16 47th Road in Long Island City is a 4-story, walk-up apartment building with 8 units. It sold in July 2015 for $3,100,000. The seller purchased this property 2 years ago in November 2013 for $1,710,000. A 45% increase in two years.
6. 32-38 48th Street in Astoria is a 5,508 Sq. Ft., 6-family walk-up apartment building. It just sold for an astonishing $3,300,000 on July 16, 2015. The previous owner purchased this building in July of 2013 for only $750,000. A 78% increase in two years.
7. 36-05 Vernon Blvd in Long Island City is a 10,500 Sq. Ft., 4-story, 8-unit, walk-up apartment building. The property just sold for $3,400,000 in July 2015. The sellers purchased this building back in November 2013 for $1,400,000. A 59% increase in two years.
8. In September 2012, we sold an 8-family located at 34-21 37th Street in Long Island City for $1,750,000. On June 26, 2015, the sister building two doors down, 34-27 37th Street sold for $2,475,000 to the same buyer. A 30% increase from 2012.
9. 23-54 31st Street in Astoria is a 3,991 Sq. Ft. 3-story mixed-use building that just sold on June 24, 2015 for $1,850,000. The seller just purchased the building 2 months before that in April 2015 for $1,200,000. A 35% increase in 2 months!
10. 43-31 45th Street in Sunnyside is a 79,830 SF, 94 Residential Units + 1 Commercial Unit, Elevator Apartment Building. It sold in May 2015 for $27,500,000. The seller purchased this building a year earlier, in March 2014 for $17.15M. A 38% increase in a year. (It traded in 2006 for $11.58M).
11. 164-01 Northern Boulevard in Flushing is a 5,468 SF Retail building that sold in July 2015 for $4,500,000. The seller purchased this building 4 years ago in July 2011 for $3,425,000. A 24% increase in four years.
12. In April 2011, a single story, 3-unit Retail building located at 16024-28 Northern Boulevard in Flushing sold for $1,380,000. It just sold in April 2015 for $4,300,000. That is a 68% increase in four years.
13. 13101-13139 39th Avenue in Flushing, is a 99,589 SF retail building situated on a 3 acre site. The seller purchased this massive property in September of 2014 for $54.6M. They sold it July 2015 for $78.3M. That is a 30% increase in less than a year.
The above transactions are just some examples of how much the Queens investment real estate market has appreciated year over year. Anyone reading this article can sum up the current market with three words; simply astonishing numbers.