If the No. 7 subway line were a rainbow, Flushing would be developers’ pot of gold.
Land in the Queens neighborhood is trading like baseball cards, permit applications are pouring in and developments are popping up like mushrooms — interest rates and recession fears be damned. Lucky for us, Flushing, NY Real Estate lawyers claim to be almost as busy as they were at the height of the recent boom.
“It’s always been an active market and a place for development,” RIPCO Real Estate’s Stephen Preuss said. “It’s always gonna buck the overall economy as well, where even during downturns or times of political or economic flux, Flushing has always been a community and a commercial marketplace that has thrived.”
Downtown Flushing, at the end of the 7 line, gives off an energy that rivals Midtown during the holidays. Density has a lot to do with that: About 257,000 people reside in Flushing, Whitestone and Murray Hill, making it the most populous neighborhood in New York.
But just as important is that the historically Asian-American community does not depend on other areas of the city to stay busy. Residents center their personal and professional lives in the multi-generational neighborhood and typically own rather than rent.
“To me, this is about the 15-minute neighborhood,” said attorney Ross Moskowitz, a Flushing native who represents several developers’ projects in the neighborhood. “The ability to get to work, to get home, to get to services, to get to open space, to get to schools, to live, work and play within a 15-minute stretch. If you think about what Flushing has to offer, you get that environment. It kind of checks all those boxes.”
Because its residents prefer to own real estate, Flushing has become a hotbed for condominium projects among developers from the area and beyond.
Contributed With Help From: Aminov Real Estate Law Firm of Flushing, NY 147-15 Union Tpke, Queens, NY 11367, United States (347) 479-1808