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How Public Transportation Affects Real Estate Development

Real estate developers face numerous factors to coordinate development projects. Location is one of the most significant factors, and when building new units, transportation often plays a big part in rentability and pricing.

New York City is known for its old but efficient and varied public transit options. Here in Astoria, Queens, Literati.NYC takes into account commute times from its units to the nearest available train and bus stations as well as commute times into Manhattan.

The major train lines in Astoria are the N/W lines (incoming from Manhattan, passing through Long Island City and cutting through the western side of Astoria up to Ditmars station) and the R/M lines (eastern section of Astoria that goes through central Queens).

All of Literati Group's 110+ units are located within a 10 minute walking distance to the nearest train stations servicing these lines. Aside from the commute hours and distance to public transit, potential renters look for nearby establishments such as restaurants/bars, laundromats, grocery stores and leisure centers. While historically Astoria has been primarily a residential borough outside Manhattan taking in one influx of immigrants after another (Greeks, Italians, Irish, Eastern Europeans, Arabs), developers today are shifting focus on future developments for an unprecedented young millennial population.

Steinway Street, considered to run along the heart of Astoria, and the major avenues that run perpendicular - 30th Ave, Broadway, and Ditmars Blvd., are now peppered with restaurants, pubs, bars, and shops/workout centers to cater to a young and vibrant population. Bus systems also allow for local transport, in and around Astoria/Queens.