The investment-sales volume in Queens surged 49% year-over-year in the first half of 2026, from $1.744 billion to $2.599 billion, across 315 transactions, according to a report by Ariel Property Advisors. This 49% boost represented the borough’s strongest growth since the first half of 2022.
Significant contributing factors to this year’s jump include development of properties and a single retail transaction. The development and the transaction accounted for more than half of the borough’s dollars.
Development dollar value rose 161% year-over-year, from $314.67 million in the first quarter of 2025 to $821.62 million in the first quarter of 2026. Transactions also increased 25% over this period, from 44 in 2025 to 55 in 2026.
Several policy mechanics, including the City of Yes, the New York State Environmental Quality Review Act’s infill exemption, tax incentives and charter reforms, have contributed to more developments being worked on, which has led to the development value going up so much. This includes the Willets Point public-private redevelopment near Citi Field. Ariel Property Advisors expects this trend to continue in future quarters through more outer-borough pipeline projects.
The 485x tax incentive accounted for 81% (44 units) of the 55 transactions. Another 16% (9 units) were affordable housing units, while the other 3% (2 units) were from the 421-a tax incentive.
The biggest development transaction in Queens was the $229.6 million sale of the commercial to medical conversion at 96-05 Queens Blvd. in Rego Park to Northwell Health. This deal, which will help expand access to healthcare in the borough, represented one of the largest transactions in Queens in several years. The property covers around 1 million buildable square feet.
When it came to residential developments, the most biggest deal was the $46.1 million sale of 92-30 165th St. in Downtown Jamaica. The site, which is currently occupied by a parking garage, will be transformed into a 700-unit housing development.
While retail’s dollar value experienced the highest percentage increase, at 192%, from $229.43 million in the first quarter of 2025 to $669.49 in the first quarter of 2026, this surge was due in large part to a $424.4 million purchase of the Shops at Skyview by Acadia Realty Trust in Flushing, less than a mile away from Citi Field and the proposed casino development site.
The dollar volume for the multi-family sector in Queens remained relatively static, having gone up 3%, from $448.68 million in the first half of 2025 to $461.94 million in the first quarter of 2026. The average price-per-square-foot of multi-family homes dropped from $254 to $231, marking the lowest price in eight years. At the same time, cap rates went up 6.83% in the first half of 2026, showing buyers in the borough kept pricing in higher-for-longer rates and capped regulated upside. Additionally, the price per multi-family unit went up from approximately $190,000 last year to $230,000 this year, reflecting more larger-unit, lower-density products.