, Mon, September 17, 2018
Photo via Flickr cc
For over a decade, a large swath of the Upper East Side was under construction, but for many residents, it felt more like being under attack. As the Q Line was being built—after a century-long wait—the neighborhood not only had to tolerate restricted traffic along Second Avenue above ground but also more dramatic interruptions. Indeed, at one point in the subway line’s construction, underground explosions even shattered the windows of several local businesses. But with the noise, traffic, and disarray of the Second Avenue Subway in the past, the surrounding neighborhood has already quickly bounced back. As per predictions, since the completion of the line, real estate values, volume of sales, and rental prices in Yorkville have experienced an upswing.
Get the data
Photo via Ed Yourdon/Flickr
‘Tis the time of year for private school acceptance letters to arrive. Nervous teens and parents race to their inboxes and find out if they are given the honor of spending upwards of 50k a year on their children’s education, often at one of the Upper East Side’s highly prestigious institutions. At the same time, the starting gun sounds on the race to find an Upper East Side home to move to near school.
amNY reported that with the “private school bump,” not only do buildings see a jump in families moving their primary residences to the area but many see NYC residents buying “little studios for them and their kids for Monday through Friday just to be closer to the school so they don’t have to commute from Tribeca, the Lower East Side, or Chelsea.”
Hear from the pros
Rendering of The Kent via Beyer Blinder Belle; Photo via CityRealty
Applications are now being accepted for 21 brand new, affordable condominiums at Extell Development’s Upper East Side tower, The Kent. Designed by Beyer Blinder Belle, the 30-story building, located at 200 East 95th Street, has a facade covered in red brick with accents of dark metal. Qualifying New Yorkers earning between $79,333 and $119,250 annually can apply for the studio, one- and two-bedroom condo units, which range in price from $356,700 to $427,000.
Find out if you qualify
Despite its location just a few blocks east of Park Avenue, Yorkville remains one of Manhattan’s most affordable neighborhoods south of 95th Street. The neighborhood’s reasonable prices partially reflect its reputation. Simply put, Yorkville has never been considered quaint or hip. Since its development in the nineteenth century, it has been best known for its German delis and unremarkable yet practical residential housing. Another factor that has historically kept the neighborhood’s housing prices below average is its high stock of rent stabilized units. Unfortunately, Yorkville’s reputation as a great place to find a bargain may soon be compromised. Recently released data on affordable housing stock in New York reveals that rent stabilized housing in Yorkville is rapidly declining. Indeed, between 2007 and 2014, the neighborhood lost more rent stabilized units than any other neighborhood in the city’s five boroughs.
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