Queens Real Estate Reaches New Record; Brooklyn Continues To Climb

NEW YORK (CBSNewYork) – Real estate market reports are out for the fourth quarter of 2018, and one company’s numbers show new price records are being set in Queens and prices are on the rise in Brooklyn, too.

What does that mean for those looking to rent or buy? Douglas Elliman’s New York City CEO Steven James stopped by CBSN New York to explain.

“The consumer who’s looking to get the best value for their dollar still feels that Brooklyn is the place,” he told Alex Denis. “Brooklyn is the largest borough in the size of citizens, followed by Queens and then Manhattan. So that consumer wants to be able to use their money at the best possible thing, and Brooklyn’s been a really, really good opportunity.”

Has the back and forth over the L train shutdown had an effect on the market there?

“I think it’s affected in the sense that it made people feel really good. Whether that’s actually translated into more sales, better sales, whatever – I think it remains to be seen. But the good news is there’s a solution here and people feel that’s a good, positive sign,” said James.