Building Boom Visits Brooklyn

Anthony Gunther - Brooklyn, NY

The neighborhood of Bushwick in Brooklyn has seen increased interest lately, with many residential buildings now being rehabilitated. In Queens, the former industrial neighborhood of Long Island City is being developed with high-rise condominiums. Developers are taking advantage of easy subway access from the area to Midtown Manhattan to entice new buyers.

The Long Island City condominium market has a median sale price of $753,500 as of March 2018. This median value was $748,400 one year ago ending first quarter of 2017. From March 1st to the end of the month, there were 41 sales of condominium units. This number was considerably lower at 21 units in the month of January. This is not unusual, as new condominium buildings tend to have a large number of closings in a short period of time. Inventory is continuously in flux as new building present offering plans. Marketing time has remained stable in the market, at 41 days in March compared to 43 days in January.

Anthony Gunther – Brooklyn, NY

For Anthony Gunther, real estate runs in the family. His father was a local real estate broker in Brooklyn, and Anthony began following in his footsteps while attending St. John’s University, stoking his interest not just in the industry, but in the diversity of New York City and Long Island, where he would frequently assist clients. After more than 30 years as an appraiser, Anthony  is no longer the student but the teacher, having visited nearly every neighborhood from Manhattan to Montauk on behalf of Robert J. Gunther Appraisals Inc.