Will the Second Avenue Subway cause a UES real estate boom?
19 new development projects are being built along the line
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’ [TRDataCustom] 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