We have been talking about the Second Avenue Subway Extension for over 100 years
(with initial planning dating back to the 1920s) and we continue to do so. But, it’s undeniably a big deal - especially considering all the efforts to ban cars. All of a sudden, the Upper East Side is hot again!
The New York Times
“East Harlem residents welcome a plan to extend the Second Avenue Subway, but they’re worried it might change the neighborhood.” Residents’ biggest concern is rising rents.
With that in mind, aside from all of the much-talked-about new development on the UES, what have you seen regarding value along/near the extended subway line?
1. Are buyers/investors spending more to be near the subway line?
Martin: In general, buyers want to be near public transportation (as long as it's not on the block of the subway exit). Also, I'm hearing more and more about being close to bus routes.
2. Has the subway extension increased interest in the area, not just in new developments?
Martin: Yes. But it has been a slow increase of interest. In other words, the day the Second Avenue subway opened, prices did not increase immediately. It has taken a while for things to catch on.
3. Has the subway project increased value in current housing stock?
Martin: Not really. It has brought more lookers looking for deals. It may change during the next up-market.
4. Do you find a certain demographic more interested in being near the subway than others?
Martin: Generally, Millienials are most interested.
5. Is there anything else you’d like to contribute to this topic?
Martin: Now is a good time to buy east of Second Avenue where the subway is already built.