Will the Second Avenue Subway cause a UES real estate boom?

19 new development projects are being built along the line

New York /
Nov.November 03, 2016 09:00 AM

Developers and tenants are banking on the Second Avenue Subway arriving on time.

The Metropolitan Transportation Authority says the first phase of the subway line will be completed by the end of December, which will reintroduce the Q line between 63rd and 96th streets. With the completion of the first phase in sight, at least 19 new development projects are being built between 59th and 96th streets, the New York Post reported, using data from Halstead Development Marketing.

Other projects include Anbau Enterprises’ TRData LogoTINY Citizen 360, a 34-story luxury condo tower at 360 East 89th Street; Bluerock Real Estate’s the Charles at 1355 First Avenue; the  Robert A.M. Stern-designed 20 East End Avenue; and Related Companies’ 200 East 94th Street, dubbed Carnegie Park.

The Second Avenue Subway will eventually include 16 stations from 125th Street to Hanover Square. The project has become synonymous with government inefficiency, since the city announced it during the Great Depression. The MTA expects the line to decrease ridership on the 4/5/6 trains by 13 percent.

“It’s a game changer,” JP Forbes, director of sales for Extell’s the Kent, at 200 East 95th Street, told the Post. [NYP]Kathryn Brenzel 


Related Articles

arrow_forward_ios
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)
Related is the latest developer to target the Rockaways
Related is the latest developer to target the Rockaways
From left: Steven Roth, chief executive officer, Vornado Realty Trust; Kathy Hochul, governor of New York; Stephen Ross, chairman and founder, The Related Companies (Getty Images, iStock/Illustration by Steven Dilakian for The Real Deal)
Real estate showers Hochul with cash
Real estate showers Hochul with cash
Related's Stephen Ross and the Chelsea-Elliott Houses (Getty, Wikimedia)
Related wades into NYCHA — and becomes a target
Related wades into NYCHA — and becomes a target
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
Eliot Spitzer, Stephen Ross, 506 and 152 West 36th Street and 511 West 35th Street (Google Maps, Related Group, IMDB)
Related Companies nabs land from Spitzer Enterprises for $77M
Related Companies nabs land from Spitzer Enterprises for $77M
Top loans: Related Companies exits Margaritaville, digs in at Truffles Tribeca
Top loans: Related exits Margaritaville, digs in at Truffles Tribeca
Top loans: Related exits Margaritaville, digs in at Truffles Tribeca
Gravity CEO Moshe Cohen and Related CEO Jeff Blau (Getty, Gravity)
Related partners with electric vehicle startup to bring charging stations to NYC
Related partners with electric vehicle startup to bring charging stations to NYC
34 Desbrosses Street and Related CEO Jeff Blau (StreetEasy, Getty)
Related scores $258M Blackstone loan for luxury Tribeca apartment building
Related scores $258M Blackstone loan for luxury Tribeca apartment building
arrow_forward_ios

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

Loading...