New York—As MHN recently reported, The Grove, a rental multifamily development in Queens, kicked off leasing at the beginning of this month. Less than a month later—over the course of the first two weeks on the market, in fact—the brokerage firm Modern Spaces, which is leasing the units, reports that half of them are taken.
The 62-unit property, developed by Tsilo Group on the site of a former lumber yard at 30-40 21st St., is a mix of studios and one- and two-bedroom units. It’s located in highly popular Astoria neighborhood, which is in the borough’s northwestern corner across the East River from Manhattan.
Eric Benaim, CEO of Modern Spaces, tells MHN that renters are jumping at the opportunity to lease at The Grove because of its large units with private outdoor spaces, which is a considerable rarity in most of the city. Other desirable features include hardwood floors, an homage to the site’s former life as Tri-Star Lumber Co.
Greg Kyroglou, who’s the leasing manager for The Grove, adds that he’s seeing a huge demand for apartments like those at The Grove. That’s because of the popularity of Astoria, but more specifically due to their location near the new Kaufman Arts District.
The district, once a run-down part of the borough, is home to one of the oldest continuously used movie studios in the world, besides cultural institutions that support emerging artists. It spans from 31st Street to the west, 34th Avenue to the north, Steinway Street to the east, and 37th Avenue to the south.