I have to say, the minute the second avenue Q train opened, I was elated. It would not only make it easier to get from my office in Midtown to my properties once buried deep in the upper east side, but it would make it an easier sell to a hesitant client worried about commute time.
While it is true that the convenience factor is a new bonus for the areas surrounding second avenue, landlords in the area are cashing in. According to analysts at streeteasy.com, they project that “renters surrounding the new 72nd Street station and the 96th Street station could be subjected to an increase of $462 per month, based on a commute time decrease of 14 minutes to Midtown Manhattan. Those near the 86th Street station can expect a median rent increase of $330 per month, corresponding with a 10-minute decrease in commute time.”
Can one still get good deals in the neighborhood? Absolutely. There are some charming areas in and around York and East End Avenues may be more sheltered from seeing such dramatic hikes while still getting the benefits of the subway being located nearby. If you have questions about average rents in Manhattan’s neighborhoods, be sure to give me a call.