in the long haul though it'll probably appreciate more relative to not having a subway nearby. i suppose if you have a building that gets damaged from the drilling though not sure if they can make a claim on the city or if they will just sock each of the apartment owners with an assessment for repairs.
Licensed Real Estate Salesperson
I have spoken to buyers who do not want to consider apartments so close to subway construction. This is short-sighted, I think, because it was reported in the New York Times that apartment values near subway entrances should rise approximately 15% when the subway is opened. (This number is the estimated loss to values because of 2nd Avenue's current distance from subway service.)
As I say often, real estate is an investment whether you like it or not. As an investor, I deliberately seek out properties that have such profitable externalities (to use the economics term for this). If your time horizon is relatively long--and it should be, or you shouldn't be buying--an externality like this becomes free money.
The construction has been less problematic than it looks, for me anyway, because the heavy work does not occur when most people are home.
Karla Harby, VP
Charles Rutenberg Realty
klara madlin real estate
Good question. Not in my experience. The construction of the 2nd Ave. subway has negatively affected storeowners on 2nd Ave, because it blocks some foot traffic. It surely will increase value of residential units once the 2nd Ave. subway is completed. Right now the further East you go from Lexington Ave. and access to the #4,5,6 the lower the prices. That will change when subway access is better further east.