Second Avenue retailers optimistic as subway makes progress

New York /
Jan.January 07, 2014 02:17 PM

As signs featuring images of the new $351 million 96th Street subway station adorn buildings lining the construction site along Second Avenue, area business owners are daring to hope that the completed site will give their enterprises a boost.

The new station, linked to stops at East 86th Street and East 72nd Street, will be up and running by December 2016, MTA officials told the New York Daily News. And that date can’t come fast enough for businesses lining the hard hat-strewn corridor.

“Any change is good,” Demetrious Glekas, manager of Nick’s pizza parlor at 1814 Second Avenue at East 94th Street, told the Daily News. Since drilling for the new subway line began in 2008, Glekas estimated he has lost 25 percent of his customers.

The commercial vacancy rate has also shot up in the area, from East 65th to East 105th Streets Along Second Avenue, hanging around 15 percent since the construction project launched. Those rates, according to an analysis by the Manhattan Chamber of Commerce, are expected to fall as construction winds down and subway-adjacent storefronts are quickly snapped up.

“There is a sense that we made it through the worst part,” Dave Goodside, who owns Beach Cafe at 1326 Second Avenue at East 69th Street, told the Daily News. “We hope to see this project over. We hope the good times will come back.” [NYDN]Julie Strickland


Related Articles

arrow_forward_ios
Joseph Chetrit and 260 East 72nd Street (Getty Images, Google Maps)
Chetrit plans Upper East Side condo development
Chetrit plans Upper East Side condo development
New York Governor Kathy Hochul touring construction in the subway (Getty)
Hochul promises Second Avenue Subway work to advance in 2022
Hochul promises Second Avenue Subway work to advance in 2022
TRD's Erik Engquist and MTA Chief Development Officer Janno Lieber 
MTA development chief: Capital budget will be “cannibalized” without federal aid
MTA development chief: Capital budget will be “cannibalized” without federal aid
The MTA says it has the funding to extend the Second Avenue Subway to East Harlem, and the real estate industry is thrilled. (Credit: Getty, iStock)
Developers see dollar signs in Second Avenue subway extension
Developers see dollar signs in Second Avenue subway extension
From left: 1800 and 1815 Park Avenue, MTA's Second Avenue Subway plan, and 160 East 125th Street between 3rd and Lexington (Credit: Google Maps)
Second Ave subway’s next phase could impact Durst, Extell dev sites
Second Ave subway’s next phase could impact Durst, Extell dev sites
Peter Fine pays nearly $30M for East Harlem site along the Second Avenue subway’s next phase
Peter Fine pays nearly $30M for East Harlem site along the Second Avenue subway’s next phase
Peter Fine pays nearly $30M for East Harlem site along the Second Avenue subway’s next phase
Rents are falling in Manhattan. But they keep climbing in this neighborhood
Rents are falling in Manhattan. But they keep climbing in this neighborhood
Rents are falling in Manhattan. But they keep climbing in this neighborhood
Izaki Group plans condos at UES development site
Izaki Group plans condos at UES development site
Izaki Group plans condos at UES development site
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...