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Jackson Heights -- My Neighborhood Jackson Heights is a wonderful community. Not just because I live here but for all of the things it was designed to be and perhaps more importantly for some of the things it was never envisioned to be. The neighborhood is in large part the creation of Queensboro Corporation, and one Edward MacDougall. Prior to the 1910's the area of Queens county now known as Jackson Heights was farms. The 400 or so acres were inhabited by some 6 families. Generally they were engaged in farming, producing either dairy or farm products and shipping the goods to Manhattan some five miles to the west. In 1909 with the completion of the Queensboro Bridge becoming a reality developers and speculators looked east and saw the still rural and largely undeveloped areas of nearby Queens County. It was onto this scene that Edward MacDougall and the Queensboro Corporation emerged. This however, would be no story at all if it were just a tale of land speculators and real estate developers. The exploits of these denizens repeat themselves throughout the country. No, the story of Jackson Heights is one of a planned community, built around Thomas Edison's idea of concrete cottages constructed of pre-cast concrete with double walls. This initial plan was modified around 1914 after MacDougall returned from Europe completing a study of European designed open space housing. At that time, Queensboro began to repurchase the individual plots originally laid out for the cottages. Thus, it was this plan for large-scale open garden design that gives Jackson Heights its present character. In embracing this style of building Queensboro sought and achieved the goal of providing housing priced within the reach of the average wage earner , and addressing the ever present problem of urban crowding. The implementation of this plan called for the construction of buildings that occupied 40% of the plot area, and had windows in each room that had a view of a front yard or rear garden. This is in distinction to the development in Manhattan at the time, which occupied 70% of the plot area or more. The first buildings constructed to these standards were build around 1917 along 80th Street between 37th and 35th Avenues. The buildings were renamed the Greystones around 1925. One of these apartments was my first home in Jackson Heights. See Map of Area Development by Queensboro continued through the 20's and 30's. The development adhered to a body of principles:
An outgrowth of World War I was the creation of a housing shortage. Little or no construction took place from 1917 to 1919. Defense industries took top priority in the receipt of material needed for building. Population growth in the area remained unabated, and increased due to the proliferation of defense industries in the area., and so a post war housing crisis developed. It is reported that the apartment vacancy rate in the city fell from 5.6% in 1916 to less than .4% in 1920. This fueled a spike in rents and house prices. Guided in part by the collective housing principles he found in Europe and in part by the ever present profit motive MacDougall sponsored the first cooperative in Jackson Heights in 1919. Prior to this time a few coops were known to have existed in Manhattan, however the idea did not really catch on. MacDougall reasoned that using a small down payment a tenant could buy their apartment and participate in the growth in the equity which was taking place in that market at that time. The sales were structured such that the debt service and "rent" on the apartment was less than the rent would be if you did not own the unit. The success of the concept is borne out in the number of buildings and apartments sold from 1920 to 1925. 10 complexes - eight of which are block long, plus 3 smaller end block developments were built in that 5 year period. Each development became larger, and more elaborate than its predecessor. While several architects designed buildings for Queensboro, two architects George Wells and Andrew Thomas designed some of the most notable and desirable complexes in the heights.
Their efforts as well as those of McAvoy, Tappen and Kieswetter who designed many of the English style homes along 83rd to 86th Streets combined to form the nucleus of style and design that marks Jackson Heights today. Contemporary Jackson Heights Although changed by the years since MacDougall arrived, and now sharing the streets and avenues with some rental buildings, Jackson Heights still offers New York City residents comfortable quality housing, a mere 25 minutes from midtown Manhattan. And unlike the restrictive policies of the earlier era, the Heights is a polyglot community. Shopping has shifted from Northern Boulevard, where it was most prominent at the inception of the community, to 37th Avenue. A walk from 74th Street to 88th Street brings the resident tourist nearly around the world in the range of people encountered, goods to purchase and specialty stores available to shop in. The housing stock has regained its polish after a decline in the 60's and 70's. This is part due to the surge in cooperative conversions that occurred in the 1980's. While some conversions met with difficulty occasioned by ill conceived financial analysis, most have endured the real estate downturn of the early 1990's.Aiding this process is the designation of a 38 block area as an historic district. The buildings within the historic area many of which are owned as co-ops or condo's can be easily recognized as owner occupied. This is by the appearance of their entrances and the level of maintenance and care evidenced in the buildings. After several years of weak sales, apartment sales took off in 1996 and have met or surpassed the levels achieved in the late 1980's. Yet prices are far below those found in Manhattan. Current and Peak Co-op Market Prices - Jackson Heights, New York
As of the time of the current revision of this page -- I have become aware of Towers Apartments being marketed at more than $400,000, and recent closed sales in excess of $300,000 in both the Towers and Chateau buildings. On that basis we have met and surpassed the levels seen in the 1980's. One significant difference is that there are no new conversions, and the inventory of investor / sponsor held apartments has dwindled in number. Again even as in MacDougall's day, the buy rent equation is back in balance. Considering that un-regulated market rents in first quality apartments in Jackson Heights are reaching $21 to $23 per square foot ( $1,625 to $1,800 per month for a 2 bedroom apartment), after tax expenses for a two bedroom co-op in the historic garden section of the Heights are at or below this monthly cost. Additionally the investment inclusive of the down payment has the potential to appreciate over time. (See Sheet for Calculations) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||