Demand, Rising Prices for Flushing Property

With commercial buildings asking $92,000,000 in Flushing, is the neighborhood becoming the next hot real estate market for investors? Crain’s seems to thinks so, due to the area’s high population, incredible diversity and thriving economy. International investment — Chinese money in particular — is also pushing up property prices. When the property at 112-21 Northern Boulevard hit the market, there were 175 interested parties from places like Thailand and Ireland. The buyer, Flushing-based developer Fleet Financial Group, will use investment from China to build out a major convention center. And don’t forget about coming developments like Willets Point and Flushing Commons, as well as the major commercial hub SkyView Center Mall. As the director of the neighborhood group One Flushing says, “Flushing has become a one-stop destination for consumers with multiple needs.”

The rising property prices may not be all good for the neighborhood. According to Crain’s, “Retail rents, after all, have soared 70% on average in the past 10 years, and office rents have jumped by even more. Given that almost 80% of the local businesses fall into that “small” category, according to One Flushing, that could be a major problem down the road.”

Center of the Universe Moves to … Flushing? [Crain’s]

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