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Marc, Both Buyer and Seller in New York, NY

Will the second avenue subway affect prices on the Upper East?

Asked by Marc, New York, NY Wed Mar 12, 2008

I am looking for a condo in Manhattan and was wondering if the now affordable upper east will increase in price range due to the second avenue subway

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IMO, yes, since the construction period will be extensive. During that period, homes near the construction sites will not move as quickly (noise, air quality, traffic). Once the subway is completed, the value of these homes should rise. Just my opinion.
3 votes Thank Flag Link Wed Mar 12, 2008
Marc,

If the project is ever completed, it should be beneficial to the owners of co-ops and condos on the upper east side, particularly those on first avenue and york avenue. It was just announced that there are futher delays though. If you are planning on buying in the area now, and counting on the future subway to increase the value in the short-term, you're probably better off looking someplace else. Of course, if you want to live on the upper east side, and plan on living there for several years, then you should reap the benefit of the second avenue subway in the long term.
3 votes Thank Flag Link Wed Mar 12, 2008
I don't see it having a noticeable impact on values. If it does it would likely be modest but there are always exceptions. Construction is a way of life in Manhattan. This one will run for a decade. I think there is real upside after completion because the neighborhood sorely needs additional subway capacity.
2 votes Thank Flag Link Sun Mar 16, 2008
Yes, i beleive a lot of people are couting on it.
I think it will make a huge difference since now a days everyone does not want to walk and live close to the subway. Before, years ago. Living near a subway was considered a flaw, not welcomed and property was devauled because the subway.
1 vote Thank Flag Link Wed Aug 13, 2008
The market is always moving.
0 votes Thank Flag Link Tue Sep 16, 2014
Marc.

Before all of those prices go up, they will probably drop once construction in the immediate area starts, I'm assuming the building is on the same block, like 69th street, 96th, etc...In the long hall, say 10 to 15 yrs for everyone who purchases in the near future and can hold on to the property for that long, it will be a huge benefit. In New York its all about convenience, how well are you situation, how accessible is the area, and what is near you. Someone said for a short term investment, you wont make much, think way long term.
Which Condos have you seen already?
0 votes Thank Flag Link Tue Aug 19, 2008
Vic Parise Would have to say yes, now-a-days know one wants to walk more then 5 blocks. Being close to a subway is important to most folks. For me I would rather live a little further away to avoid riff-raft and foot traffic. I feel that the line will increase housing prices or at least owners will try to exploit that there is now a subway and want 100k more.
0 votes Thank Flag Link Tue Aug 19, 2008
If you are Methusaleh and Jesus tarries, yes. It was first planned something like 75 years ago.

As to delays, they are to be expected. Another big but less known project by the MTA, called the East Side Access, is being worked upon out in Queens. ESA will allow LIRR trains to also terminate in Grand Central, which will immediately improve the value of most of NorthEast Queens, but especially express stops like Woodside, Bayside, and Douglaston. Especially Douglaston, where the schools are good,the lots are large, and there are nice water views. When I first heard about it, the expected completion date was 2008. No ESA as yet, now the date is 2013.....if the funding comes through. I'm about 1/2 mile to the Murray Hill local LIRR train station, with other transportation options like the Bus to the Subway if I need to get into NYC, so I am not holding my breath or relying on it being done anytime soon. Frankly, I don't think it will finish until 2020, probably the same time as the Second Avenue Subway, so if you have a 12 year horizon, then great. If not, then it will be a nice perk if and when it ever gets done.
0 votes Thank Flag Link Thu Aug 14, 2008
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