Holding Steady in a Volatile Market A Look at One Building in Astoria

While prices for both resales and newly-built condos and co-ops in Manhattan have seen a decline of as much as 30% as a result of the disruptions caused by the COVID-19 pandemic, prices for units in Brooklyn and Queens seem to be holding their own - and even rising in some cases. This unusual and unexpected trend was discussed in a recent New York Times article, and confirmed by sources The Cooperator reached out to as well.

One property that seems to be sidestepping the current downward slide is The Bevy, located in Astoria Queens at 14-11 31st Avenue. The brand-new condominium consists of 10 studio and one-bedroom units. Modern Spaces, a Queens-based brokerage firm, recently launched sales at the Bevy and is exclusively handling marketing for the building. Units range from $418,000 to $784,000.

 

“While coronavirus has created much uncertainty when it comes to New York City real estate,” says Dimitrios Koufakos, a broker with Modern Spaces, “Astoria has been performing quite well, with home sale prices rising 19% in second quarter 2020, in line with the neighborhood’s transition to a more hip, up-and-coming place for young professionals. The homes at The Bevy cater to singles and couples.” 

Big City Elegance, Small Town Feel

The Bevy is conveniently located just two blocks from the East River waterfront, and a mere seven-minute walk to the Astoria ferry terminal, providing easy access to Manhattan. The 30th Ave Subway Station is a short walk away as well, with access to the N and W lines. It’s also near some very popular cultural venues and galleries, including Socrates Sculpture Park, the Noguchi Museum, and Rainey Park, which features a scenic riverside promenade, baseball fields, and dog-friendly areas.

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