New York City has one of the most comprehensive rail systems in the world. In Manhattan, especially, a stop on the train is usually just blocks away. However, for the east side of the city, that walk is actually a few more long, city blocks than desired, since the only Subway line serving the east side, above downtown, is the Lexington Avenue 4, 5 and 6, line. However, it won’t be that way for long.
MTA has promised that the city’s Second Avenue subway line will be in full effect very soon. After a proposal almost one hundred years ago in 1919, the much needed and long delayed line is expected to be running in no time, as soon as December 30th of this year–the first phase of it, at least. In response, the real estate world is not wasting anytime either.
Home prices and rentals are already rising in anticipation for the new crop of people who will likely make their way to Manhattan’s Upper East Side. In recent years, many of the area’s former residents moved to more accessible and trendy areas downtown and in outer boroughs. New transportation options as well as new developments may very well be the turning point, attracting a younger, hipper crowd of young professionals.
Indeed, developers and brokers believe that will be the case. In places like Yorkville, which many considered to be the “Far East of the Upper East Side,” residents of NYC saw it as an too far and out of reach. Historically, it has been one of furthest locations from a Subway station, requiring its residents to have cars or rely on the bus. Subsequently, that has kept many people, outside of young families who’ve enjoyed being secluded from the rest of the city, from exploring the neighborhood as an option.
The new line will not just be a boon for residential real estate, businesses will undeniably seize those opportunities as well. Restaurants, shops and retail chains will be able to take part in the revival of a long underserved area. In turn, new restaurants and stores will draw more people, and the cycle of mutually beneficial relationships will continue to flourish.
What are your thoughts on this new line and the changes expected from it? Are you one of those planning to explore the Far East? I want to hear from you. Follow me on Twitter at @RayGlattman and send me your comments.