York Ave & The Effect of the 2nd Ave Subway

There is no doubt that you would see an increase in valuation when the 2nd Ave subway is completed. Here is the catch. It probably will not be done in 5 years. With the politics, funding from different sources, and just plain delays, there is a good chance it will not get done anytime soon. Also if you need the subway you will have an awful long walk for all those years. Probably not worth it.

It will also increase the pricing at the Charleston. We all know you like it there.

"It will also increase the pricing at the Charleston. We all know you like it there."

LOL. Well played.

Anyway, I tend to agree that the 2013 opening of the first phase is agressive. That said, the fact that the opening will be "close" around that time...I think you would start seeing the bump in valuations. No?

The bump in valuations will not come until much later because the 2nd Ave Line construction is going to make that neighborhood an absolute mess to get around in for the next fiver years.

Buses will be rerouted, lane closures, buildings torn down all on top of run-of-the-mill pain in the butt Manhattan traffic.

realestatejunkie - you do know that the obstructions at 93-95th on 2nd ave is due to re-alignment of electrical and plumbing so that a tunnel boring machine can be installed to dig the tunnel underground. This process of re-alignment + install of TBM, will take another year or so.

Once installed, most work will be done sub streetlevel. So, what 90s are seeing now does not mean 60s-80s will see as tunnel gets built. Of course, the MTA will be taking down buildings and building new stations, but I dont see how that is any more or less obtrusive than all the new development that we got used to in past years.

My office is right by where you speak of, and like how its far from the subway. IMO, this is one of the few affordable places left in the city, but not for long...

I also live very close to 2nd ave & the 90's. Its amazing to me how people still have an "ill beleive it when I see it" attitude towards the 2nd avenue subway. I see tons of men (and a few women) working every day, and I have seen the progress they have made so far. I understand how people are hesitant, but beleive it people. Sure "2012" became "2014", but its now 2008. 6 years goes pretty fast in this town.

Its more than obvious that this is where anyone who wants to live in a nice neighborhood AND reap the benefits of a good investment should be looking...

(side note, if you are looking in the Cielo, please do not bring a car. They have an 'elevator' system, which is often times backing up the whole street so cars can get in and out.)

"The bump in valuations will not come until much later because the 2nd Ave Line construction is going to make that neighborhood an absolute mess to get around in for the next fiver years."

That might be true on or around 2nd...but not on York!!!

East side of 2nd ave might be a bigger prob than west of 2nd ave

mmm...why is that?

we can assume that construction will be on 2nd ave, so if one has to cross 2nd ave daily (people living east of 2nd ave)to get to public transport, it might be an issue.

I'm not sure that is valid. Except for the stations, the work will be undergorund.

crossing 2nd ave on foot is fine. Going down it by car (those who come off of the FDR @ 96th Street and proceed down 2nd avenue) is not nearly as smooth.

gluck75 - have you looked at Azure on 91st / 1st and 2nd. i haven't gone to see it but like the layouts. only downside is its a cond-op.

why do you consider a Condop to be a negative?

better than a true co-op i suppose but you won't be a real property owner although you'll still have to pay the transfer taxes. Also, the land is owned by NYC and the land rent will need to be renotiated at current market prices in 20+ yrs. just read this last fact on urbandigs.com so i'm almost flat out plagirising - you can check that out for yourself.

that said - have you been to the building?

Condops in general, I find, offer the best of both worlds. However, I would NEVER buy a land-leased building.