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20 Percent of This UES Building Is For Sale, and Here's Why

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Since December, five homeowners at 531 East 88th Street in Yorkville?a prewar 25-unit building?have put their apartments on the market. Why? Because a waste transfer station located along the East River at 91st Street, set for completion in 2015, is going to reduce quality of life by luring round-the-clock garbage trucks, emitting gross smells of trash and gas, and generally jacking up traffic in the typically quiet Upper East Side neighborhood. At least, that's what tenants who want out of the area told the Post.

In a parallel situation, Tribeca residents who unsuccessfully took a stand against a sanitation facility there?a more high-profile battle that included celebs like James Gandolfini, Michael Stipe, John Slattery, Jennifer Connelly, and Kirsten Dunst?appear to be vacating their homes as well, now that the garage is set to open next year.

But one man's trash, in this case, may be another's treasure (or cheaper apartment)?at least uptown. In nearby buildings like 52 East End Avenue and 200 East End Avenue, owners are listing their apartments in advance of the waste transfer station's opening. And one renter at 1735 York Avenue (The Hamilton) is planning to flee as soon as his lease his up. That means serious pricechopping all over the darn place, people?even at buildings half a mile away from the waste transfer site?plus wiggle room for negotiating better rental rates.

Is everyone overreacting? Well, maybe, since there was a smaller waste transfer station in the same spot up till 1999. No one made a huge fuss then, nor did property values plummet. But this time around, folks are concerned, launching epic discussion chains on Streeteasy even back in 2009 before the project was officially approved by Mayor Bloomberg. Whether residents fatalistic visions come true, at least one dream has been realized?some cheaper apartments on the Upper East Side, at least for now.
· People fleeing their UES neighborhood because of incoming trash transfer station [NYP]
· Wasted TriBeCa stars flee [NYP]