With the 2nd avenue subway about to (hopefully) open it’s doors this December after only about 100 years in the making,it has already transformed the neighborhood of Yorkville. The first phase will extend the subway up to 96th street. As a result, there are several condo projects in the works including several luxury developments hoping to lure buyers who would not have gone East of Park avenue in the past. Retail is also beginning to follow as this influx is creating demand for additional services according to NYPost.
The new 2nd avenue subway will decrease congestion on the Lexington avenue line according to the story by a little more than 10%.
A quick scan of listing website streeteasy shows 99 condos in the market under $1 million on Manhattan’s upper east side. Compare that with the West Village which has a mere 10 condos under $1 million. Taking a look at co-ops, you have 48 listings under $1 million in the WV and a remarkable 448 co-ops on the UES. Why is there such a discrepancy?
Well, the Upper east side is about twice as large as the West Village but there are nearly 10 times as many listings available not two times. The Upper east side has more low rise tenement style buildings and less fancy new construction or converted industrial buildings so in some ways the housing stock is more modest and friendly for a first time buyer.
With the 2nd avenue subway line opening either Dec 30th 2016 or the near future, the area will certainly benefit with the addition of another subway line to ease crowding on the Lexington avenue line. As the luxury market has pushed even further east, past 2nd avenue, the neighborhood is changing. But still among many of the side streets in the 80’s and 90’s you can find low rise buildings, mostly co-ops that are in stark contrast to the super luxury of Midtown. Perhaps this may be the best neighborhood to pursue your first purchase…
Apartment 11k in 400 Central Park west has entered the market. The apartment features a galley kitchen, dining area, expanded bathroom, 5 closets plus a wall of built-in closets and a 19' terrace with magazine worthy views of Central Park. Click to read more and see interior photos.
The Extell Development company has started construction on their Upper East side luxe 30 story tower and they are up to about the 4th floor. The building with be full of amenities including Camp Kent, a luxe children’s playroom. The Kent NYC will have 83 units and 9 units are showing as available on their site ranging in price from $2.457 mm to over $9mm for a 5bedroom/5 bath 3564 sqft 20th floor offering.
This is an excellent location at the corner of 95th street and 3rd avenue and the development will try to piggyback on the success of Carnegie Park, Related’s condo conversion one block away at 200 East 94th street. The Related condo, however had much lower prices and took advantage of the dearth of inventory catering to the affordable luxury market.
Do you think this part of the Upper east side is ready for Extell’s luxe development? See pictures below of latest construction from just over this weekend.
Citi Bike is expanding in upper manhattan, and several neighborhoods in Brooklyn. There are to be 42 new stations opened throughout in this latest wave of expansion. In the last wave of expansion, we saw stations come to the upper west and upper east sides of Manhattan. In Manhattan, stations are supposed to go up to 110th street as part of this expansion. I am hoping we are going to get some here on West 100th street or nearby as the furthest uptown station on the UWS in 85th street and Central Park west.
Some residents are looking for stations to be closer together. Where do you think that Citi bike should locate more bike stations ?
The project that is a mere 100 years in the making is reportedly going to be finished in December. For many, long walks to the Lexington avenue line may be a thing of the past within a few months if the MTA is on time with the delivery of new subway stations at East 72nd street, East 86th street and East 96th street.
However, you do not have to wait to see the effects of the 2nd avenue subway line. According to the brokers and developers in the area, the new subway stations are already priced into the cost of apartments east of 3rd avenue in Yorkville.
New condo developments and conversions are coming to market or already in the market according to NYTimes. Many businesses though still remain closed along 2nd avenue but with an end in sight, buyers/renters are willing to make allowances for this temporary inconvenience.
Bauhouse Group’s controversial Sutton Place projected 900 foot-high tower which is in foreclosure, is now headed to bankruptcy. The developer put the project in Chapter 11 this week in an effort to avoid losing the property to creditors. The project was seen to be largely out of character with the low rise buildings that are in the Sutton place enclave. Attempts to refinance were not successful and as result the creditors are moving to take control of the property.
The luxury Manhattan real estate market has a glut of inventory and sales have slowed.
While there have been many reports about the glut of luxury apartments either in the market or coming to the market, the “affordable luxury” market continues to sell at a quick pace.
A couple of East side condo conversions have prices in the $1300 or so per square foot and that is a definite sweet spot of the market. As these buyers have had little relief to the shortage of inventory under $4mm and especially under $2mm.
Of course speculation of market slowdowns has caused some buyers even in this segment to pause according to Brokers.
My firsthand experience is of a studio that I sold recently at 400CPW which was priced under $800k and went for $20k over asking price and sold quickly. Also, an overall lack of inventory means that anything in the family size of 2 bedrooms/2 bathrooms moves quickly especially under $3 million.
A study conducted by 3 researchers-two from NYU and one from Clark University, found that the Upper west side and Upper east side have the most organic food. Out of 1,256 stores in Manhattan, as of January 2011, 60 percent of the food stores in the borough had no organic food at all. The highest concentration of organic food was on the Upper west and upper east and also Morningside Heights.
Developer Ben Shaoul is bringing to market a condo conversion of a rental building at 389 E. 89th street shortly. Prices are very attractive at $1.58 million for a 2 bedroom with 1098 sqft and the least expensive 3 bedroom with 1315 sqft starting will be just under $2 million. Other developers are finally getting the message that the luxury boom is more or less over and it is wise to bring to the market 1-3 bedroom apartments within more Manhattanites budgets. Prices will average about $1596 per sqft according to LINK in this conversion.
The same devloper will launch sales later this month at a conversion at 23rd street and 1st avenue called Luminaire. Prices will average a reasonable $1789 per square foot in this 103 unit condo.
News about the NYC real estate residential and commercial markets provided and interpreted by an industry veteran licensed since 1999. Brian Silvestry of BSRG Inc. Licensed real estate broker