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.
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