According to news reports (and anecdotal broker insights), first-time homebuyers are swooping in on NYC's soft real estate market. While Manhattan has registered a nearly 50% drop in sales volume since the onset of the pandemic, in less high-priced business-oriented neighborhoods/suburbs, the market has stayed abreast or is oftentimes thriving.
Largely due to increased demand, Queens-based The Real Deal reports that home prices in Astoria have jumped 19% in Q2 2020 as many first-time homebuyers seek out more breathing space while still wanting to be close to the action. Launching sales during this opportune time is The Bevy, a newly-built condo at 14-11 31st Avenue, situated near Astoria's burgeoning East River waterfront and recently-expanded NYC Ferry service.
The Bevy brings to market 10 studio and one-bedroom condos said to be "exquisitely designed with clean modern lines and choice finishes." The building's designer is the prolific Gerald Caliendo Architect who drew up a simple yet handsome beige-brick facade with oversized windows and frosted glass balconies. All homes have floor-to-ceiling windows, convertible layouts, and kitchens with quartz countertops, glass backsplash, and premium KitchenAid appliances. Nearly every home has a private balcony and upper-floor units have open views of the neighborhood and Manhattan skyline.
Buyers in the building will be treated to the highly-coveted 15-year 421-A tax abatement, a program that provides low carrying costs to owners for years to come. As of early September, the first two apartments to come online are a pair of one-bedrooms on the second and third floors. The 654-square-foot #2A has an ask of $682,238 and is bathed with southern light and has a balcony overlooking the wide but residential 31st Avenue. Unit #3B faces north and has far-reaching views towards the Triboro/RFK Bridge. It has an ask of $727,899. The prices blend to just over $1,000/ft2 and initial taxes will be a basement-bottom $67/month.
The view north over low-rise Astoria
Shared conveniences include a common roof deck, resident storage, and on-site parking (for a fee). The neighborhood is already well-regarded for its restaurant-bar scene, human-scale, warmth, and growing cultural footprint (the film studios are coming!). A hidden graffiti district and Socrates Sculpture Park are a short walk from the building, as well as a Costco supermarket and the 30th Avenue elevated train station serving the N and W lines. The ferry and subway lines offer easy commutes to Midtown Manhattan in about 30 minutes (or less).
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