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2-Bedroom Apartments at Luxury Forest Hills Condo Surge to $1M

By Ewa Kern-Jedrychowska | January 9, 2015 7:31am | Updated on January 9, 2015 4:58pm

QUEENS — Prices for apartments at a new luxury condo in Forest Hills have skyrocketed since they were first announced in September — with two-bedrooms now starting at nearly $1 million.

Roughly 60 percent of the units at The Aston have been sold since being placed on the market in October, according to the sales company.

Since then, the lowest prices for one-bedrooms have risen 30 percent, from $455,000 to $585,000. Two-bedrooms now start a hair under $1 million, a 26 percent increase from just a few months ago.

Penthouses run up to $1.7 million.

The building, at 108-20 71st Ave., near 108th Street, features Manhattan-style amenities and has been the center of attention among Queens home-seekers for months.

“We anticipate people [to begin moving in] within the month of February,” said Jackie Urgo of The Marketing Directors, which runs sales.

By September, just before the developer launched sales, about 1,000 prospective buyers had signed up to check out the apartments at the 17-story condominium, the developers said.

Urgo said the demand has been so immense that the company didn’t need to run ads.

“It’s just going incredibly well,” she said.

Following the demand, apartment prices in the building have just gone up, according to Urgo.

Designed by Morali Architects, the building offers 97 apartments, including 46 one-bedrooms, 48 two-bedrooms and three three-bedrooms.

Currently, one-bedroom apartment buyers have to pay from $585,000 to $730,000. Two-bedroom units cost from $995,000 to $1,330,000, except for penthouses located on the two top floors which range from $1,620,000 to $1,710,000. Three-bedroom apartments start at $1,420,000, Urgo said.

Average sales prices in central Queens were $417,000 in the third quarter of 2014, according to the most recent report from real estate firm Douglas Elliman.

The median sales price in the surging luxury market was $984,000 across the borough in the quarter. Prices were up nearly 11 percent compared to the third quarter in 2013.

“Our expectations have been surpassed,” Urgo said, noting that she believes all the apartments will be sold by May.

The Aston, which features elements of Art Deco architecture, offers a number of luxury amenities including “designer kitchens,” “spa-like bathrooms,” an outdoor terrace for residents, a gym and a concierge, according to The Marketing Directors.