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By, Guthrie Garvin

The Second Avenue subway has changed, and will continue to change, the face of the Upper East Side.  This is New York City’s first major expansion of the subway system in over half a century, and when the final phase is completed, will stretch from Harlem to Lower Manhattan.  The first phase of this project is scheduled to be completed in December of 2016 and will include three stops at 96th, 86th and 72nd Streets.  The anticipation of these stops has already lead to increased demand for the eastern portion of the Upper East Side.  Historically, the further a property was from the Lexington Avenue subway line, the less the rental/sales prices were and the lower overall asset values were.  This new subway line drastically changes accessibility and as the project gets closer to becoming a reality, it will improve neighborhood fundamentals and increase property values across the board. Many investors continue to seek out properties on the “far east” Upper East Side in anticipation of a future surge in prices.  The luxury condo The Charles on 73rd Street and First Avenue with asking prices in the $2,100 - $2,900 per square foot range, 1.15 million square feet of medical development planned for the “far east” 70s, new bars and restaurants such as The Penrose, The Meatball Shop, Jbird Cocktails, The Gilroy and Xi’an Texas de Brazil, all point to a dramatic changes in this portion of the Upper East Side.  When coupled with a new level of accessibility, all indicators are pointing up for this potentially undervalued area.

Neighborhoods: Upper East Side