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Second Avenue Subway Redefines Yorkville
August 14th, 2017 | Posted in Real Estate News
While the “summer of hell” may be dominating headlines the past few weeks as commuters are feeling the pinch citywide, this newsletter we take a look at a long-awaited triumph — the second avenue subway line. The century-old transit promise has been a New York City inside joke, with even the 1960s-set Mad Men taking a jab at what seemed like an improbable completion. But this year, the Q line finally expanded into Yorkville and with that comes opportunity.
Yorkville has been the Upper East Side’s sleepy secret – with a lower price per square foot on average and a cachet that has not necessarily equaled Park Avenue addresses in the 60s and 70s. Primarily this has hinged on the lack of access to convenient transportation and, in recent years, the intense noise pollution from the construction of the Second Avenue line. For years, developers and investors alike have taken bets on timing the sweet spot of just when the construction would be completed – knowing that shorter commutes would translate to higher demand. In the past five years, rents along Second Avenue increased at a rate of 27 percent. Forecasters anticipated rents increasing by $462/month once the new stations opened to the public, but the jump has not been so immediate. What we are seeing is increases in rent and sales at a steady but gradual pace. And as the pricing of property changes so too does the goods and services provided in the area to keep up with changing demand. Restaurants and shops are opening up along the eastern avenues, bolstered by new foot traffic from the subway line – redefining Yorkville from a fringe neighborhood to a central location to keep an eye on.
Property of the Month: 677 West End Avenue, 14AB
- Beautiful bright, sunny and airy
- Includes windowed bonus room
- 3 bedroom, 2 bathroom
- Type: Co-op