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.
Licensed real estae salesperson
Prudential Douglas Elliman
575 Madison Avenue
New York, NY 10022
Ph: 212 -303-5242