Back to all insights Queens January 2025 Market Report-
This report provides an in-depth overview of the Queens real estate market, highlighting recent transactions and sales performance metrics while capturing the trends and opportunities shaping the market.
The Queens real estate market saw strong growth in January 2025, with transaction volume rising 56% year-over-year to 14 deals and total dollar volume increasing 34% to $64.19 million. However, unit sales declined by 18% to 90, and buildable square footage (BSF) sold dropped significantly by 84% to 27,294 BSF, indicating a slight slowdown in development site transactions.
The top transaction was a $20.5 million industrial sale at 21-07 41st Avenue in Long Island City, followed by an $8.45 million development site on Crescent Street. Multifamily and mixed-use properties accounted for most transactions, with notable sales in Ditmars-Steinway, South Astoria, and Old Astoria.
By asset class, multifamily properties totaled $17.88 million in sales at an average of $400 per square foot, while mixed-use properties led with $37.86 million in transactions, averaging $475
per square foot. Development sites saw limited activity, with a single transaction at $309 per BSF. Despite the decline in unit sales and BSF transactions, the market remains active, with strong investment in multifamily and mixed-use properties. Long Island City and Astoria continue to be key areas for investment, reflecting ongoing demand in these high-growth neighborhoods.
Multifamily, Mixed-Use and Development transactions between $1,000,000 – $50,000,000 from January 1, 2025 – January 31, 2025
Zip Codes: 11101, 11102, 11103, 11104, 11105, 11106, 11369, 11370, 11372, 11377, 11385
Neighborhoods: : Astoria Heights, Ditmars Steinway, East Elmhurst, Hunter’s Point, Jackson Heights, Long Island City, Old
Astoria, Ridgewood, South Astoria, Sunnyside, Sunnyside Gardens, Woodside
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