Housing prices rise in Astoria and Long Island City | Bedford Realtor

Real estate prices and rents in Long Island City and Astoria are on the rise, especially in the luxury housing market, where there isn’t enough supply to meet demand, a new report shows.

The average monthly rent for a one-bedroom was $1,600 in Astoria and $2,400 in Long Island City in the last quarter of 2012, according to real estate brokerage firm Modern Spaces.

And the average one-bedroom sold for $387,786 in Astoria and $501,732 in Long Island City in the same period.

“We’re definitely seeing prices going up,” said Modern Spaces President and CEO Eric Benaim. “There’s not enough housing to support everybody.”

Long Island City rentals saw a roughly $50 monthly hike from the previous year. And though one-bedrooms sold for about $34,000 less in 2012 over 2011, the price per square foot jumped from $700 to $732. There was no 2011 data available for Astoria.

Benaim attributes the hike to Manhattanites getting priced out of the city and moving to Long Island City — despite many of the luxury towers being located on the waterfront in flood warning Zone A.

And now that prices are rising in Long Island City and units are getting smaller, due to a lack of housing, more people are turning to Astoria — where developers are now building upscale units with attractive amenities, he said.

Paul Halvatzis, one of the owners of Amorelli Realty, said he’s starting to see “unique,” “aesthetically pleasing” buildings go up in Astoria — instead of the usual cookie-cutter, two-family homes.

“This area is only going to continue to go up,” he said. “People want to be here.”

Dan Miner, senior vice president at the Long Island City Partnership, a local development group, said he’s seen a dramatic shift in the area in the 13 years he’s worked there.

“Long Island City was a gritty, industrial neighborhood and many people confused its name with Long Island,” Miner said.

Now “we have vibrant industrial, residential, commercial and cultural communities,” said Miner, who pointed out the area’s close proximity to Manhattan. “The future is pretty promising.”

Arthur Rosenfield, president of the Long Island City/Astoria Chamber of Commerce, said he isn’t surprised by the demand for housing in northwestern Queens.

“The schools are good, the crime rate is low,” he said. “The quality of life is just phenomenal.”

ctrapasso@nydailynews.com