queens Archives - Rava Realty

10 NYC Neighborhoods to Watch in 2024

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10 NYC Neighborhoods to Watch in 2024

StreetEasy’s ranking of NYC neighborhoods to watch in 2024 suggests that Queens was the top destination in 2023 among renters and buyers seeking affordability. The borough’s popularity was driven by a recent surge in developments.

However, StreetEasy predicts that Manhattan will start to regain popularity among renters in 2024 as rental prices in the borough begin to drop. Trendy sub-neighborhoods within popular areas like SoHo and the Upper East Side are expected to lead the way in Manhattan. This forecast reflects potential shifts in demand ...

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Cash buyers are back as mortgage rates rise

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Cash buyers are back as mortgage rates rise

An analysis of citywide sales data by The Real Deal shows that all-cash deals make up a more significant portion of the New York City market than at any time on record, accounting for 60% of condo sales in Manhattan this year. Cash buyers have also successfully scooped up 37% of condo deals in Brooklyn this year and 40% in Queens. All three figures are a record since at least 2018.

This trend can be attributed to rising mortgage rates above 6%, raising borrowing costs ...

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City’s tallest warehouse could be coming to Queens

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City’s tallest warehouse could be coming to Queens

The Goodman Group, an Australian company that owns what’s billed as the largest logistics center in the world is coming to Long Island City, where it could develop the city’s tallest warehouse.

Design sketches in the marketing materials show a building of nearly 700,000 square feet across five above-ground floors. Several of those floors, though, are double-height. So from the street, the building would appear to be as tall as roughly an 11-story office building.

(source: therealdeal.com, picture: Juan Carmy)

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Manhattan’s retail loss is outer boroughs’ gain

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Manhattan’s retail loss is outer boroughs’ gain

Manhattan retailers are still waiting for the return of tourists to 5th Avenue and employees to Midtown offices, but some retail corridors outside of the central business district have seen metrics return almost to where they were before the pandemic.

Vacancies and rents in the Bronx’s main retail area, Fordham Road, are near normal, the New York Times reported. The vacancy rate is 3 percent, according to the Fordham Road Business Improvement District.

Meanwhile, in Brooklyn, new residential development has aided projects ...

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NYC Restaurants to allow 50% capacity

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NYC Restaurants to allow 50% capacity

New York City restaurants are on a rapid pace to reopening. Gov. Andrew Cuomo announced that restaurants in the city will increase indoor dining capacity to 50 percent starting March 19.

“In New York State, our decisions are based on science and data and we are encouraged by the continued decline in infection and hospitalization rates,” Cuomo said in a statement.

Restaurants have been struggling amid capacity restrictions. A recent survey by New York State Restaurant Association found that ...

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NYC Rental Market Picks Up Pace

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It’s recovery time. In Manhattan, new lease signings rose to their highest level for the month of January, since the last financial crisis: up 57.6%year over year.

Lowered rents prompted an increase in the new lease contracts activity. Tenants are moving back to the city in search of good deals as they sense the leverage in their favor ...

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