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By: Thomas A. Donovan, Partner

More than just the most diverse community in the world, the borough of Queens is also a promising place for multifamily investors. It has a strong history of performance, supported by a large stock of rental properties and by renter-heavy demographics. While the community is always changing, some areas of the borough are creating unique opportunities for investors to participate in projects that are leading to significant potential increases in both rent levels and per-unit values. At the same time, the rest of the borough continues to enjoy some of the lowest vacancy rates in all of New York City.

The Queens multifamily building market consists of smaller properties. Most of the borough is zoned for low-density housing, so many of the multifamily assets consist of 10 or fewer units. This leads to more opportunities for private investors, since the 100+ unit properties that are usually in the purview of institutional investors and old-line families are relatively rare in the borough.

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