
Construction on the Second Avenue Subway
Rents are falling even further on Second Avenue on the Upper East Side as the ongoing construction for the Second Avenue Subway has made residing there less desirable and doing business there substantially more difficult, Our Town reported.
Businesses between 62nd and 96th streets on Second Avenue report decreased sales and some have closed, Andre Soto, director of management at Salon Realty, a property manager, told the paper. Soto said two of the four businesses in buildings his firm manages have closed up shop. The remaining businesses had their rent lowered by 40 percent to account for plummeting sales due to construction and blocked frontage signs on the blighted avenue. [more]