For years, the stretch along Second Avenue between 72nd and 96th streets was a construction zone as the city awaited the completion of a subway stop that had been promised for decades. But now that the Second Avenue subway line has been up and running for a year and a half, the area’s property owners are starting to reap the benefits.
Builders and brokers have long used tools like renderings and model apartments to drive pre-construction sales. But VR takes things a step further, says Stephen McArdle of Brown Harris Stevens, which is repping the 48-unit Vitre at 302 E. 96th St.
Recent sales suggest a shifting focus in the city: The Upper East Side is the top-selling neighborhood for new development this year, with 12 percent of total sales, thanks in part to the new Second Avenue subway line.
At Vitre, a 21-story tower on 96th Street, one-bedrooms start at $915,000 and the most expensive unit is a $4.29 million, three-bedroom penthouse. The building has also benefited from being near the recently opened Second Avenue subway extension, said Stephen Kliegerman, president of Brown Harris Stevens Development Marketing, who is in charge of marketing. Stephen McArdle, an associate broker with Brown Harris Stevens, said that sales began in June and all the contracts have been at asking price.
As the Second Avenue subway marks its first six months in operation, developers have taken note.
Along the new subway route, which extended the Q line through the Yorkville neighborhood, more than a dozen rentals and condos are planned or underway, according to analyses from Halstead Property Development Marketing and Brown Harris Stevens Development Marketing.
Hello Alfred will keep your fridge stocked, plants watered and apartment clean. Now it’s signing deals to bring its butler service to apartment buildings across the country. The builders of Vitre, a 48-unit condominium on East 96th Street, will be offering the service when construction finishes in summer 2018. The one- to three-bedroom apartments are considered “affordable luxury” condos, priced between $900,000 and $4 million, and aimed at young families. Hello Alfred is a way to add a sense of luxury at a reasonable cost.
Construction continues to push forward on the Karl Fischer-designed building, Vitre, located at 302 East 96th Street and though it’ll be a bit longer before the project is finished, sales are officially underway for a few of the 21 story tower’s “affordable luxury” apartments.
As expected, pricing for the first crop of the building’s 48 one- to three-bedroom apartments to hit the market with just a few six digit apartments but the majority of them asking over a million dollars, with prices ranging from $915,000 to as much as $4.29 million.
Over the past year, a 21-story “affordable luxury” condo has been taking shape on East 96th Street between First and Second Avenues.
Spring is just around the corner, which can only mean one thing: the real estate market is about to pick up, and quickly.
After nearly a century of development, the MTA says that Phase 1 of the Second Avenue Subway will be up and running by the end of December — bringing the Q line to a quartet of stations from 63rd to 96th streets.
It’s a tale (practically) as old as time. When New York City real estate thrives, home builders and buyers seek to colonize neighborhoods previously deemed undesirable.
To make up for a lack of available land, New York City developers have, in recent years, been building increasingly taller towers, and making even more use of vertical space.
The first time the 2nd Avenue Subway was pitched to New York City, women couldn’t vote. The line has famously been under consideration since 1919, one of the most disruptive—and disrupted—building projects in NYC history.