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%.
Read the full NY Post story
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.
According to LINK, the 2nd avenue subway will finish late next year but the prognosis for the extension to 125th street is not good. Construction will not start until at least 2020 thanks to a $1 billion cut in the project’s budget. Local politicians are irate and trying to get the project back on track for an earlier date to extend through Harlem.
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