With the opening of the Second Avenue Subway nearing completion (according to the MTA), how has its anticipation affected rental prices on the Upper East Side? Our friends at real-estate website Street Easy recently crunched the numbers and found a sharp uptick in the neighborhood rental rates, with a corresponding downticks just one block away.
You’d think that the Second Avenue subway’s nearly decade-long construction project would be the nail in the coffin for rents along the commercial strip, sealing its fate as a bastion of under-valued, undesirable apartments. One assumes the combination of jackhammers, tunnel-boring machines and unsightly construction sheds would pit the area as even less desirable than before. However, in the past five years, rents along Second Avenue increased at a rate of 27 percent compared to 19 percent and 14 percent along First and Third avenues, respectively.
Check out the full article for more analysis.
via StreetEasy
Matt Coneybeare
Editor in Chief
Matt enjoys exploring the City's with his partner and son. He is an avid marathon runner, and spends most of his time eating, running, and working on cool stuff.
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