Anyone who has ever lived in Queens, NY knows it’s one of the most underrated boroughs in NYC. It may not be as glamorous as Manhattan or as cool as Brooklyn, but it has some wonderful assets. Transportation to all points in NYC is readily available by subway, commuter train, or ferry, and it’s available for much less money than any other borough. Yet, Queens is on its own, a thriving metropolis even without the other boroughs. For example, Astoria Park has a beautiful city park feel but it’s not nearly as crowded as the more traveled Central Park in Manhattan or Prospect Park in Brooklyn. Another amazing aspect of Queens is the amount of ethnic diversity in the borough making Queens a bastion of both amazing food and authentic ambiance in its many different neighborhoods. Locals know that the best soup dumplings can be found in Flushing and the best Greek and Mediterranean cuisine can be found on the streets of Astoria.
With Amazon Headquarters soon moving to LIC, the housing and real estate markets could see an even bigger rise in people migrating to Queens than over the past year. People will be looking for more affordable middle-class housing which could be easily found in Queens, for now. The NYC Economic Development Corp (NYCEDC) registered 2,847 new housing units and 1,234 of those were in Queens as of February 2018. This was nearly a 300% jump compared to an average over the preceding 12 months. NYCEDC has also said this was the highest jump since December 2015. The number of homes in the market grew in Queen’s as well and the borough’s price index increased 7.3% to $530,556 according to a StreetEasy report that was released on July 25th 2018. The report also stated that Northwest Queens prices rose 5.1% to $775,122. Sharestates has funded many properties in the Borough of Queens.
Below are some statistics:
- Sharestates has funded 63 Queens loans to date for a total funded volume of $46,093,000
- 46 of the loans funded were for residential properties
- 4 of the loans funded were for mixed-use properties
- 3 of the loans funded were for multi-family properties
- 9 of the loans funded were for commercial properties
- 1 of the loans funded were for land deals
- Average loan size: $731,634
- Average loan to value (LTV): 69%
- Average renovation budget: $207,771
- Average after repair value (ARV): 57% or $1,391,571
The first residential property presented below was funded by Sharestates and is located in Forest Hills, Queens. This was a refinance and is planned to be sold as is.
Appraised value: $2,875,000
Loan amount: $1,900,000
The second residential property presented below was also funded by Sharestates and is located in Astoria, Queens. This was a refinance and is planned to be sold as is.
2-4 Family Residential
Appraised value: $1,300,000
Loan amount: $910,000
Click below if you are interested in finding out more about Sharestates loan programs.