The first phase of the Second Avenue Subway line opened on January 1, 2017 at three new stations between 96th Street and the 63rd Street Lines before connecting to the BMT Broadway Line and the rest of the subway system. Originally proposed in 1919, this subway project was a long-time coming, but we’re just starting to see how its development is impacting the neighborhoods it serves. We reached out to Janna Raskopf, a prominent Douglas Elliman agent and native New Yorker who has lived in Manhattan her entire life, to get her take on how the addition of this transit line is impacting the market in the Upper East Side.
Have you noticed buyers more interested in the Upper East Side now that the Second Avenue Subway is running?
Yes, I have seen an increase in buyers looking on the Upper East Side in the past 12 months. Initially, I believed this started because the Upper East Side offered great value to high-end buyers but now, compounded with the convenience of the new Q train (or Second Avenue Subway), I’ve seen a broader impact.
What price points are you seeing most affected?
I’ve seen a significant boost in interest across all price points. I have also noticed buyers are more open to avenues east of Second Avenue, now that the new subway is so close. Buyers and tenants are also open to going further north into the East 90s. Having the accessibility of two subway lines that go directly to Midtown is important. The East 90s still offers great value for buyers and tenants alike. I think Carnegie Hill is an excellent example of where you can get the quaint neighborhood feel with the benefit of Central Park and the subway.
Is now a good time to consider real estate in the Upper East Side?
Absolutely. I personally found an uptick in buyers looking on the Upper East Side 4-6 months prior to the subway opening once people realized this was an actuality, but the prices have remained stable in the past 7 months and there is still tremendous value available. For example, there are several interesting new development projects, such as 200 East 62nd Street, which is an excellent condo conversion project. It is steps from the new Q train and is a full service condo with great amenities and well-proportioned layouts. In addition, the price of co-ops has remained stable and there are several wonderful townhouse opportunities for purchasers.
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