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.
Yorkville, which runs from 72nd street to 96th street east of Third avenue, is seeing a luxury building boom right now according to NYPost. Property values for condos are less in Yorkville per square foot than west of 3rd avenue Upper east side. Buyers priced out of the Upper East side are now venturing east of 3rd avenue and the mix of offerings can be surprising. There are boutique condos to super luxury developments. One such luxury development is The Charles which made headlines with a sale of its top 6 floors for $59 million. The Charles is located at 1355 First avenue and has 27 units spread over 32 floors. Only 4 units remain available.
Several developers are planting stakes including Extell which recently purchased the site of Gristedes at 86th street and 1st avenue for $100million. That site is part of an assemblage that will allow them to build a large condo tower on the site.
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