Feb. 18, 2013 - The Real Deal

An explosion of residential development is transforming the once quiet industrial and commercial neighborhood of Court Square, Queens. According to the New York Daily News, more than 3,500 residential units are set to rise in the area over the next five years.

The neighborhood has seen housing prices grow by nearly 30 percent in the last three years — from $550 to nearly $850 per square foot — and begun to see two-bedrooms sell for as much as $770,000.

“It’s definitely become the new ‘it’ neighborhood for Queens,” Eric Benaim, founder of Modern Spaces, a real estate agency with roots in the borough, said. “Artists and families know they get more for their dollar than Brooklyn and Manhattan. It’s still gritty and cool with great value.”

Rockrose Development has already invested almost $1 billion into four projects in Court Square. The developer is currently building a 700-plus unit rental building, known as Linc LIC, with a 30th-floor tenant lounge and a roof deck, as well as, a 15,000-square-foot supermarket.

“This could become one of the great New York City entertainment hubs,” Rockrose president Justin Elghanayan said. “The neighborhood has it all – easy transportation to Manhattan, great culture, and room to grow.” [NYDN] –Christopher Cameron