The Real Deal New York

Hell without the L could open up real estate heaven along the 7

Shutdown could push some renters from hipster Brooklyn to Queens, report says

August 31, 2016 12:17PM

A Brooklyn hipster waiting for the 7 train

A Brooklyn hipster waiting for the 7 train

The engine that brings Brooklyn’s monocled fixie-riders into Manhattan will be shutting down in 2019, and a new report claims property owners along the revitalized 7 line could benefit the most.

The report, from brokerage Ariel Property Advisors, predicts that neighborhoods along the train in Queens, like Sunnyside, Woodside and Jackson Heights, will see real estate price growth in the near future.

The opening of the Cornell Tech Campus on Roosevelt Island and the planned closure of the L train will push more New Yorkers into Queens, it argues.  And as apartment prices in Long Island City have ballooned, many may choose neighborhoods further along the 7 Train line.

“You’re going to have people who were set on Long Island City and Astoria moving eastward,” Aryeh Orlofsky, Ariel’s director of investment research, told DNAinfo.

Between 2012 and 2016 the average apartment price in Long Island City rose from $208 to $488 per square foot, as developers have added a flurry of pricey new rental towers to the neighborhood. Prices in neighboring Sunnyside also exploded, from $168 to $426 per square foot.

“With the L train shutting down, the 7 is an extremely reliable means of getting to Manhattan,” Orlofsky added. [DNAinfo]Konrad Putzier

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