Real estate prognosticians and Upper East Side residents alike have been wondering how the opening of the Second Avenue subway would impact the market in the neighborhood. Now, a little over a year after its opening, StreetEasy has published a report looking at the impact the subway had on the Yorkville section of the Upper East Side.
As expected, prices have gone up, but researches for StreetEasy say this is still somewhat of a surprise considering the cooling of markets in Manhattan. In terms of median rent, Yorkville’s rose 4 percent in the last 12 months, which puts it only second to the Financial District, which saw a 6 percent increase. What’s more, only six neighborhoods in Manhattan saw an increase in median rent in the last 12 months, according to StreetEasy’s analysis.
The neighborhood’s median sales price also rose in the same time frame, and although it is a modest 2 percent, it’s still something considering the rates were stagnant in most other parts of the city, according to StreetEasy.
“Despite the subway’s headaches and delays, access to public transportation remains one the biggest drivers of real estate in the city, so it was no surprise to see Yorkville take off,” said Grant Long, a senior economist for StreetEasy. “Going forward, we’ll be watching how the fabric of the neighborhood changes as more look to it as a viable option.”
The surge in Yorkville also helped with an uptick in the overall Upper East Side market. Peek at the states below to get a better sense of the impact of the subway’s opening.