Rents are falling in Manhattan. But they keep climbing in this neighborhood

Asking rent in Yorkville increased 3.9% in November

TRD New York /
Jan.January 12, 2018 02:35 PM

Second Avenue subway

Apartments near the Second Avenue subway are in demand, and landlords are pricing them accordingly.

The median rent in Manhattan declined to $3,245 in November, down 1.7 percent from the previous year. Rent was on the decline in almost every neighborhood in Manhattan but in Yorkville, the neighborhood through which the new subway line travels, rent climbed 3.9 percent during that time, according to data from StreetEasy.

The increase “makes sense, considering how big a game-changer the Second Avenue subway is,” Grant Long, senior economist at StreetEasy, told Bloomberg.

(Click to enlarge)

Yorkville stretches from East 79th Street to East 96th Street, and two new stations on the Q train line opened in the neighborhood in 2017. The only two neighborhoods where rent grew faster than Yorkville, were the Financial District and Stuyvesant Town.

 

Home prices also increased in Yorkville, with median asking prices climbing 2 percent in November, compared with 1.4 percent for the rest of Manhattan. Developers are bringing over 20 new development projects to the area.

In late 2016, Douglas Elliman broker Frances Katzen told The Real Deal that the construction of the Second Avenue subway has brought different types of residents — young, hip professionals and Europeans who want quality skills — and foreigners who are looking to rent out their investment condos. [Bloomberg]Chava Gourarie


Related Articles

arrow_forward_ios
Nestio's Caren Maio (Credit: Emily Assiran)

“Like TurboTax”: Nestio launches online leasing

“Like TurboTax”: Nestio launches online leasing
(Credit: iStock)

What you need to know about landlords’ challenge to New York’s rent law

What you need to know about landlords’ challenge to New York’s rent law
Among Brooklyn's priciest spots is DUMBO; pictured is the neighborhood's Main Street Park (Credit: iStock)

Why fewer Brooklyn and Queens tenants are moving

Why fewer Brooklyn and Queens tenants are moving
Photo illustration of the Williamsburg Bridge (Getty, iStock) 

As Manhattan struggles, Brooklyn’s sales market is “booming”

As Manhattan struggles, Brooklyn’s sales market is “booming”
HFZ Capital’s condo the XI has sold 38 of its 236 units (iStock)

HFZ’s Chelsea condo now effective, with 16% of units sold

HFZ’s Chelsea condo now effective, with 16% of units sold
Zillow's Rich Barton (iStock)

Zillow launches brokerage to boost iBuying

Zillow launches brokerage to boost iBuying
421 Broome Street (Google Maps)

Soho penthouse buy sets record despite price chop

Soho penthouse buy sets record despite price chop
Oxford Property Group CEO Adam Mahfouda and (inset) the late Bianka Yankov (Mahfouda courtesy of Propco Holdings, iStock, Linkedin)

Oxford Property Group acquires Spire, expands to nearly 800 agents

Oxford Property Group acquires Spire, expands to nearly 800 agents
arrow_forward_ios

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

Loading...