The first three stations on the Second Avenue subway line should be opened by December 31, 2016. The lines opening in the Upper East Side of Manhattan will be at East 72nd Street, East 86th Street and East 96th Street. The long awaited subway lines which have been in discussion for over a century but finally began construction in 2007 will be a huge financial windfall for both property owners and businesses running along that line. The project which is in the first phase has already cost $4.45 and is considered the first major expansion of the subway lines in more than a half century.
Recent reports have indicated that sales prices along the route has increased roughly 27% per year for the last 5 years. The report also indicates that rental prices will soar a few hundred dollars per unit along the lines. Many international clients seek to live in the area due to a reduced level of street activity and the quaintness of community. It is uncertain to know what the renewed interest in the neighborhood will do the aesthetic. Many believe that more restaurants will open and younger people will move into the area due to the ease of transportation. Also developers will be looking into constructing new buildings in the area as well. A recent report indicates that Mink Development is building a luxury condo building on East 96th Street and Second Avenue as one example. The firm purchased the site, previously a parking garage, in 2014, for $24 million. They are knocking down the parking garage to construct a 75,000 s/f property that will have 48 units.
There clearly will will be new opportunities for NYC property management on the Upper East Side of Manhattan. With the influx of new tenants as well as new developments there is a need for experienced property managers to serve the community and maintain its vitality. Blue Harbour Property Management is a prominent NYC building management company that can fulfill the needs of both landlords and tenants. If you are in need of property management feel free to contact us at 718-843-1185 or [email protected]