NEW YORK (CBSNewYork) – Real estate market reports are out for the fourth quarter of 2018, and one company’s numbers show new price records are being set in Queens and prices are on the rise in Brooklyn, too.
What does that mean for those looking to rent or buy? Douglas Elliman’s New York City CEO Steven James stopped by CBSN New York to explain.
“The consumer who’s looking to get the best value for their dollar still feels that Brooklyn is the place,” he told Alex Denis. “Brooklyn is the largest borough in the size of citizens, followed by Queens and then Manhattan. So that consumer wants to be able to use their money at the best possible thing, and Brooklyn’s been a really, really good opportunity.”
Has the back and forth over the L train shutdown had an effect on the market there?
“I think it’s affected in the sense that it made people feel really good. Whether that’s actually translated into more sales, better sales, whatever – I think it remains to be seen. But the good news is there’s a solution here and people feel that’s a good, positive sign,” said James.
What about Amazon’s impending move to Long Island City, Queens?
“I think Queens looks at this like Amazon [is] the shining prince to come save them, especially in Long Island City. Long Island City had a very strong market for the last couple years,” James said. “But I do think that Amazon really, really will help the sales in Queens.”
He also said the borough’s new price record is “another sign that Queens is doing very well and will continue to do well.”
“Look, it’s the most diversified neighborhood in the city. There are all kinds of possibilities, great neighborhoods. And it’s close to the city, it’s easy to commute to,” he said.
James went on to discuss Westchester County and the impact the new tax laws will have on the market there.
Watch their full interview in the video above.