New Queens Community Kicks Off Leasing
- Feb 08, 2017
New York—Leasing has started at The Academy, a 55-unit apartment development in the Astoria district of Queens. The property is at 25-35 31st Ave., on the corner of 31st Street near Broadway, which is home to a number of Astoria’s restaurants and retail storefronts.
Ridge Realty Management, the developer, tapped the brokerage firm Modern Spaces as the leasing and marketing agent for the seven-story building. “The average rental apartment in Astoria is on the market for 41 days, and we expect homes at The Academy to rent even faster due to the high-demand for new development in the area,” said Greg Kyroglou, managing director at Modern Spaces and the leasing director for the project.
Common amenities include a resident’s gym, a shared library, in-building laundry rooms, individual video intercom systems and a landscaped rooftop with views of Manhattan. The Academy also offers bike and car parking, plus storage space available for rent.
The Academy’s units feature high ceilings, large windows and open layouts designed by HTO Architects, which also worked on The Mondrian SoHo, The Touraine and Brooklyn’s Hotel Indigo. Rates start at $1,875 a month for studios, while larger units range over $3,000.
Average rent for studios in Astoria was $1,920 at the end of 2016, according to MNS; two-bedroom units fetch an average of $2,582. Compared with November, rents in Astoria decreased by 0.1 percent, indicating a stable period for rents in the neighborhood.