Home Buying in New York>Question Details

John, Home Buyer in 10010

I am considering buying a small apartment at East 57 and Third Avenue. How will the 2nd Ave subway affect the value of this investment? Thank you.

Asked by John, 10010 Wed Mar 21, 2012

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Vera Aricha (917) 284-6085’s answer
It will be a plus, because any property close to transportation increase its value. When I work with tenants , the most important for them is to have access to subway to work in the morning.
If you need more assistance, le me know.
Manhattan-Spaces
Vera Aricha
917-378-9673
0 votes Thank Flag Link Wed Apr 11, 2012
I think you should look at your long term goal or short term goal. If you are going to stay in this building for the next 20 to 25 Years and can put up with the construction issues that the Upper East Side are dealing with as they dynamite and push up dangerous dust into the air. Once they start the second stage next to where you are considering living, will you trust the Unions to complete the work timely fashion and hazard free? I live next to the construction zone on the Upper East Side believe me I know the horror. The question you should ask a broker is "would you buy on 2nd avenue and 57th street?" my answer is defiantly not.
Did you know that the plan of the 2nd avenue subway was started in 1920? And up to this day it has not been completed. Check out the time line on this link:

http://secondavenuesagas.com/second-ave-subway-history/

I suggest a different location for you investment. You can call or e-mail me to discuss.
1 vote Thank Flag Link Wed Mar 21, 2012
The value of the apartment depends on how long of an investment you are trying to make. As a short term move I see no real benefits. You will more than likely break even on your investment if you decide to resell in the next ten years or so.

As a long term investment everything changes... Right now 2nd ave property is among the lowest priced in the city per sqft. If you are intending to hold the property for the long hall I would advise to do so. Property values will explode in the years after the subway system is completed so as a long term investment this decision could be mint. I have a bunch of buyers tool that you may be able to utilize in your search and I am willing to help no strings attached. Call me with any questions. 646.406.4216 at anytime
0 votes Thank Flag Link Sat Oct 12, 2013
The first phase of the Secod Avenue Subway (SAS) which is due to be completed in December 2016, might have a small positive effect on apartment rents and prices along East 57th Street as there will be a new/ expanded subway station at 63rd Street and Third Avenue. Although this is six blocks north it will provide excellent connectivity to the growing business neighborhood around Time Square/ Penn Station/ Hudson yards.

The long term plan is for the SAS to stretch from 125th Street to Hanover Square downtown. The plan includes a third phase which projects a new subway station on Second Avenue and 55th Street. The proposed station would allow transfers to existing 6, V and E services. If funding is available, and at the moment it's a big if, there would be a tremendous impact on the local housing market but this will be a minimum of ten years down the track and probably much longer!

In the immediate term, the new Whole Foods store which is now scheduled to open in August 2012, will have a very positive effect on the desirability of this area.

Peter Kennedy
Licensed real estae salesperson
Prudential Douglas Elliman
575 Madison Avenue
New York, NY 10022
Ph: 212 -303-5242
E-mail: pkennedy@elliman.com
0 votes Thank Flag Link Wed Mar 21, 2012
This should not significantly affect your values. It may increase it by a bit but not significantly.

Although if you purchase out to York Ave, this is where I predict that the values will go up because of the space offered. Currently this is where you get the most bang for your buck in terms of space, plus you have the quiet tranquility that the city is not known for. But when this subway is up and running, you will be much closer to transportation with the space values offered further out East.

Jennifer Chiongbian
SVP/ Associate Broker
Rutenberg Realty NYC
9172502284
0 votes Thank Flag Link Wed Mar 21, 2012
A new transportation line which connects your area to midtown Manhattan will increase the value of your home. To see a vivid map of where the new line will be (both the first and second stage), go to here:

http://www.mta.info/capconstr/sas/

Ralph Modica, Sales Associate

CORE
127 Seventh Avenue
New York, NY 10011
O: 212-612-9654
M: 917-407-0084
F: 212-612-9650
rmodica@corenyc.com
0 votes Thank Flag Link Wed Mar 21, 2012
Your investment will not be impacted by the 2nd Avenue subway. However with all of the new construction on 57th Street between 2nd and 3rd Avenues and the opening of Whole Foods this summer, your value could increase. Of course value is also dependent on the building you are purchasing in. While some of the buildings on this street have gyms, roof decks, and service elevators, these are the buildings where your value will increase more.

Ross Ellis
Licensed Real Estate Salesperson
Member of Real Estate Board of New York
Halstead Property, LLC
212.317.7828 direct
646.472.7875 confidential fax
770 Lexington Avenue, 10th Floor
New York, NY 10065
rellis@halstead.com
0 votes Thank Flag Link Wed Mar 21, 2012
It will effect your home value. The subway will start at 96 and cut over at 63. The stop will be at 63rd and 2 Ave and will connect all UES residents with all of midtown. You will be 2 stops from times square. The second stage of this will be another line which will continue down from 62/2nd ave and go down the east side, into the was village ending near south street sea port. So this subway line will most definitely increase home values on the UES and surrounding areas.
0 votes Thank Flag Link Wed Mar 21, 2012
Hello Mr buyer,

The 2nd avenue subway is not next the 57th st. This construction will be above 63rd Street Line
and 96th Street and 2nd Avenue. So as far as you are concerned, it will not affect your purchase or your sale.

Fern Hamberger
VP Ass Broker
citi-habitats
fhamberger@citi-habitats.com
646-660-0060
0 votes Thank Flag Link Wed Mar 21, 2012
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