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Astoria $5,000 Rental Reaches All Time High

Astoria's rental market has just reached an all time high, with a $5,000 per month rental.

Douglas Elliman Real Estate broker Justin Kinslow confirmed a rented townhouse with 1,700 square feet for $5,000; a new Astoria record. The agent claims this is the first time an apartment or townhouse has been rented for over $4,000 per month, in the historically Greek section of New York City.

The expensive 3 bedroom rental sits at 30-56 35th Street and includes central air conditioning and heat, that can be controlled via an iPhone app or remote control. Kinslow commented that its owner resides in Geneva and purchased the 3-unit structure almost two years ago, at $1 million dollars. The landlord spent approximately $1 million dollars in renovations, and was originaly asking for $5,500 per month in January when it was first listed.

The broker claimed the townhouse is, "...dramatically higher than any other three bedroom apartment in Astoria". He added of its location, "...it has great nightlife, restaurants and is only blocks away from the subway...It's the best location in the entire neighborhood".

The extremely expensive residence was marketed to Manhattanites and was ultimately taken by East Village college students. Douglas Elliman Real Estate broker Justin Kinslow described, "They like the atmosphere and they feel that everyone has a stake in the community...This is much better then what they could get in Manhattan, even at the high price tag".

The Queens section of Astoria that is thought to be New York City's "Greektown", experienced a large number of Greek immigrants who started arriving in the 1960s, with Cypriot immigrants following in 1974. Greek culture permeates through the neighborhood with numerous Greek bakeries, tavernas, cafes, clubs, churches, shops and restaurants. In recent years, Astoria has become popular with the Manhattan community, due to its close proximity to New York City and rapid subway commute.