The M5 Apartment Complex in Queens, New York, is experiencing robust sales activity, driven by its affordability and proximity to transit. As of mid-2023, approximately 65% of the units have been sold, with prices ranging from $800,000 to $1.2 million, below the borough’s median home price of $1.1 million. Demand is particularly strong for affordable units, which account for 40% of the development.

The success of M5 reflects broader trends in New York’s housing market. In 2023, the city saw a 12% year-over-year increase in residential sales, with Queens and Brooklyn leading the growth. The M5 project aligns with the city’s focus on creating mixed-income housing, supported by state programs like the Affordable Housing Act, which offers tax incentives for developments meeting income thresholds. A report by the New York Association of Realtors notes that 70% of buyers purchasing units at M5 are first-time homebuyers, a demographic underserved in recent years. Additionally, the complex’s proximity to the L train and LaGuardia Airport has boosted appeal, with 85% of residents citing transit access as a key factor in their purchase. Meanwhile, post-pandemic preferences for larger living spaces and outdoor amenities have further driven interest, as M5’s units average 1,200 square feet compared to the borough’s 1,000-square-foot median. These factors, combined with limited inventory in Queens, have positioned M5 as a standout performer in New York’s competitive real estate landscape.