Rents and the Second Avenue Subway
First proposed nearly a century ago, the Second Avenue subway, or at least a portion of it between 63rd and 96th Streets, is finally scheduled to be up and running in the new year. An extension of the Q line will add new stations at 72nd, 86th and 96th Streets. One might expect that a decade of noisy construction would have kept rents down along this stretch of Second Avenue, but a recent study by StreetEasy indicates otherwise.
Source: StreetEasy
The New York Times
While rents for homes on and near Second Avenue still lag behind those on and near First and Third Avenues, in the last five years they’ve gone up at a greater rate than those on and near the neighboring avenues. The results were calculated using median rents along each avenue and a half block east and west of each avenue.
Where will rents go in the areas affected by the new line, now that the jackhammers have finally fallen silent? Up, suggested another study, which showed median rents increasing as the commute time to Midtown Manhattan decreases. That means all those living in the neighborhood of the new subway line are likely to see continued increases, with those living along its southern end seeing the greatest hikes.
