North Queens, NY Sales Report H1 2026

Through the end of June 2026, 117 income-producing sales closed across Queens, totaling $444.2M in volume. This partial-year figure is already tracking to an annualized pace above the full 2025 total of $664.6M across 153 trades. Average pricing firmed to $432/SF in 2026 year-to-date, up from $423.83/SF for full-year 2025, led by Retail at $713/SF and a resurgent Long Island City submarket averaging $775/SF across all product types.

 

Mixed-use walkups remain the volume driver, accounting for 64 of the 117 trades, while Retail commanded the largest average deal size at $12.5M, versus $4.1M for multifamily and $1.8M for mixed-use. Cap rates on reported deals held in the low-to-mid 6% range for mixed-use and the mid-7% range for multifamily, modestly wider than 2025 levels and consistent with elevated financing costs.

 

Development sites sales totaled $451.9M across 29 land trades, concentrated in Long Island City, which accounted for 18 of the 29 sites. Average pricing there rose to $294/buildable SF, up from $229/BSF in 2025, reflecting continued builder appetite ahead of the OneLIC rezoning.

 

Investment Sales

Overview

117 closed transactions of multifamily, mixed-use, and retail assets across Queens, January 7 through June 30, 2026. Multifamily trades at a steep discount per square foot to mixed-use and retail, reflecting the rent-stabilized share of Queens walk-up inventory. On a per-unit basis, multifamily deals averaged $221,504 per unit.

 

Ridgewood leads on deal count (25 trades, $37.2M), continuing its role as Queens’ most liquid small-multifamily and mixed-use trading ground. Long Island City, despite only 6 income-producing trades totaling $119.4M, punches well above its weight on pricing at $775/SF thanks to larger elevator and mixed-use assets. Astoria (17 deals, $52.5M) and Forest Hills (7 deals, $49.7M) round out the leading submarkets by volume.

 

Cap Rate Trends

Cap rates were disclosed on a subset of transactions: mixed-use averaged 6.38% across 11 reported deals, while multifamily averaged 7.53% across 6 reported deals. Multifamily continues to trade wide of mixed-use, reflecting the rent-stabilized overhang and higher perceived operating risk. Reported rates skew toward smaller free-market or partially free-market walk-ups, as institutional-scale deals generally did not disclose cap rate.

 

Development Site Transactions

29 development/land sales have closed year-to-date, totaling $451.9M, led by a single $235.5M assemblage in Rego Park (96-05 Queens Blvd, sold to Northwell Hospital) that anchors overall volume.

 

Excluding that outlier, land trading remained heavily concentrated in Long Island City, which accounted for 18 of the 29 sites. Long Island City’s average land basis rose to $295/SF, up from $229.73/BSF market-wide in 2025, pointing to continued builder conviction in that submarket even as citywide financing conditions remain tight.

 

2026 reflects only the first half of the year,

so deal counts are not directly comparable to the full 2025 total. However, the pace of both volume and per-square-foot pricing suggests 2026 is on track to match or exceed 2025 activity.