Posted on: September 22, 2024 02:56 PM

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Two homes gone to heaven by sixteen stories in Jamaica

Last year, the two single separate home lots located at 95-25 and 95-31 Waltham Street in Jamaica were sold for a cool $3,415,000, that’s around $3.4 million dollars for a total square feet of 40,090 which comes to $85 per square feet. The plan was approved under affordable housing and it’s soon to be a 16 story tower apartment expected to complete by 2025. More traditional homes are being sold to developers in the vicinity of the JFK airport to make the area the next wave of gentrification.

The local elected officials are pushing to make the ambitious project of City of Yes a reality as they are all owned by the developers to meet the housing shortage crisis in NYC. So far, according to the the Comptroller’s Office, the goal is to eliminate 1 million single family homes to make way for multi zoned housing in NYC.

Rent is getting very expensive in NYC and a new bill which makes landlords pay the broker commission instead of tenants is also on the final stage for approval making real estate agents deeply upset. If this bill is signed by the NYC Mayor, then landlords will bypass real estate agents to find tenants on their own. Then real estate agents will mainly focus on selling homes and buildings.

Real estate is now one of the main contributor of the NYC economic boom.