Various regions of New York are being pegged as hot spots for commercial and residential real estate development. Currently, Jamaica in Queens is a neighborhood primed for growth, according to top real estate professionals. Although Bushwick, Tribeca, and other neighborhoods are still popular, Jamaica is quickly climbing to the top of the list.
This middle-class area of New York is comprised primarily of immigrants. Located to the north of the JFK Airport, this neighborhood provides an easy commute into the city. For 2016, demand in Jamaica is expected to experience the biggest surge.
In recent years, Jamaica’s population has grown roughly three times as fast as the citywide rate. In addition to commercial development, median home prices jumped 39 percent last year, compared to a jump of only 6 percent for the entire city. The low prices, coupled with easy access to Manhattan, are driving popularity.
At first, it appears that Jamaica in Queens offers little, but in reality there are all types of chain stores and bureaucratic buildings in the area. The culinary experience in Jamaica is unique, including a Jamaican café with sushi on the menu, a Chinese-Pakistani eatery, and halal-Thai restaurant.
When living in Jamaica, there is no reason to leave the area to shop. This neighborhood has a nice balance of mom-and-pop stores that sell everything from human hair sold by the pound to lingerie and kitchen appliances. Adding to the flavor are independent shops with innovative names.
Exciting and Entertaining
Overall, Jamaica is entertaining. The people, as well as shops and restaurants, are all interesting. For the people who live in this part of New York, hearing that Jamaica is the latest hot spot comes as no surprise. The character is down to earth, making it unpretentious, warm, and inviting.
One of the most fascinating streets is 165th, which is a pedestrian-only street with local boutiques. The Jamaica Colosseum Mall is on 165th street, and has wonderful jewelry stores, a mobile hookah shop, embroidery shop, and even a dentist. The atmosphere is different from other neighborhoods, making it appealing.
As stated by Juan Loubriel, a real estate broker who focuses on Queens, convenience coupled with incredible housing prices makes Jamaica a genuine hot spot. In addition to affordable prices on homes for sale, the average asking rent for a good-sized three-bedroom is $1,750—a real bargain in New York. Even the price of goods sold in Jamaica are below average.
While Jamaica in Queens does not have many brand name eateries or stores, it is a wonderful place to call home. The climate in this neighborhood is quickly changing, as is evident through all the new construction for retail complexes and luxury rental homes.
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