Market Overview

Real Estate Company Seeks to Add More Investors to Queens' Thriving Business Community

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A new real estate venture in Queens seeks to create more office spaces in the borough as it benefits from a spur in sales and leasing demands for residential and industrial properties.

The company, Long Island-based Modern Spaces, launched a new commercial real estate division, which aims to transform Queens into a “destination for businesses,” according to a report on New York Daily News. The company is reported to focus on creating new office spaces to be able to tap Queens’ rapidly growing tech sector.

“There is definitely going to be a very strong demand from the tech industry in the next couple of years,” Evan Daniel, the division’s head said.

Daniel added that the construction of Cornell NYC Tech School in neighboring Roosevelt Island—west of Queens—would bring new businesses to the NYC borough.

Eric Benaim, Modern Spaces CEO, noted it will not be too hard for investors to find value in commercial real estate in “desirable areas” as they are modestly priced between $200 and $250 per buildable square foot, about 50 per cent lower than the prices per square foot in Brooklyn.

Surging rents in Manhattan’s residential market has become a boon for the borough, driving investors and home buyers to Queen’s inexpensive real estate market in August.

Citing research from Douglas Elliman Real Estate and Miller Samuel Inc., Bloomberg noted that apartment rents rose in August as new apartment spaces provide a new haven for tenants “seeking relief” from Manhattan rates. It added that lease contracts “quadrupled” in Queens even if rents declined. Manhattan’s median monthly rental prices averaged $3,470 in June, Bloomberg reported.    

The demand was so strong in Queens that inland developer Rockrose was able to fill a 709-unit Linc LIC tower with tenants last month, it also said.

Dollar sales volume for Queens’s commercial real estate meanwhile reached $3 billion this year, Realty firm Massey Knakal’s head of research, Adrian Mercado, told The Real Deal. Last year, the dollar sales volume reached $2.4 billion.

Most real estate agents and brokers in Queens have seen many income opportunities open up to them this year. To lure more real estate investors and residents into the blossoming borough, they can use game-changing video marketing software in promoting their listings and boosting their income.

Realbiz Media Group, Inc. (OTCQB: RBIZ) develops proprietary video marketing software that agents and their brokers can use to promote their virtual tour listings online. The company offers a Virtual Tour Program that allows real estate sellers to create virtual tours and presentations that are optimized for mobile viewing and could be syndicated through social media for only $29.95 a month.

The program is equipped with a video search engine optimization (VSEO) tool that automatically generate meta tags and descriptions for virtual tours and listings agents have uploaded to the platform so that they would be found easily by consumers online.

The program also has tools for creating QR codes, e-flyers, and seller reports as bonus features.

To learn more about Realbiz Media and its products, contact sales@realbizmediagroup.com or call 1.888.REAL.BIZ (888.732.5249).

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

 

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