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Flushing, Queens, real estate is hot

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NEW YORK (MYFOXNY) -

Flushing, Queens, is one of the most ethnically diverse neighborhoods in the city. Now it's becoming known as one of the hottest real estate markets.

Real estate broker David Schechtman, of Eastern Consolidated, says if you have money to invest you should get in now while the gettin' is still good. Schechtman says in Queens you'll pay on average between $400 and $500 a square foot for commercial space compared to about $1,000 a square foot in Manhattan. Residential property is also cheaper here.

Experts say another attractive feature about flushing is that there is actually land to build on and you can build out unlike Manhattan where you have to build up.

Construction begins this year on the Willets Point retail, hotel and residential project across from Citi Field. High-end retailer Nordstrom is moving in to the Skyview Center Mall.

But Crain's New York Business reports the boon is already starting to hurt the small immigrant businesses. Thornton McEnery says big money is coming in from china, raising the price of commercial space to as high as a $1,000 a square foot.

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