The Second Avenue Subway line was a long time in the making and captured the New York Metro Area’s media attention for much of 2016-2017. Prior to the opening of the Second Avenue line, the Upper East Side was mainly served by the 4/5/6 subway line on Lexington Avenue. That meant many people living to the east of Lexington Avenue and toward the river had not only a hike to the closest subway, but also it was the only subway option. For this reason, some people preferred to take their real estate search to other neighborhoods with more access to public transit.
Values have Risen
The Second Avenue line on the Upper East Side has been open for a little over a year now with January 2018 marking the 1-year anniversary. So the question begs – has the opening of the subway had a positive impact for real estate in the neighborhood?
Research published by Streeteasy shows that prices in the Yorkville area of the Upper East Side rose year over year. This increase in both rents and sales comes at a time when the Manhattan market is cooling off in some respects. Sales rose 2% in price while rent rose 4% in the 12-month period. For the latter, this increase in rent prices was second only to the Financial District was has very large access to public transit and has been experience and economic rebirth in the post 9/11 era.
A noticeable increase in interest has been observed in properties on Second Avenue and East because of the subway access. Within the Upper East Side, Yorkville has seen the biggest increase interest thanks to its affordability relative to other sections of the Upper East Side as well as its proximity to the new transit line.
Resale is not the only area seeing positive impacts from the Second Avenue line. Developers also bet on the area, breaking ground on projects before the line was completed and opened. Luxury developments in the area include:
· 20 East End Avenue
· The Kent at 200 East 95th Street
· Citizens 360 at 360 East 89th Street
· 389 East 89th Street
Those that took the risk and bought before the subway got a discount and are now reaping the rewards! We expect that the Upper East Side will continue to have a robust market with increased interests.
Second Avenue is home to many great restaurants and bars and new additions keep opening from food to fitness. Some favorite and notable locations along Second Avenue include:
- Quality Eats
- A La Turka
- Maison Kaiser
- Two Little Red Hens
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