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Sizing up the Second Avenue subway bump: Q&A, Part I

From the January issue: Barring any unforeseen catastrophe, the Upper East Side should have a new subway line in 2017. As of late last month, the $4.4 billion project — which has been nearly a century in the making — was set to open on New Year’s Day. “If we’re not done January 1, I will stand up and say we failed to make the deadline, and I’m disappointed,” said Gov. Andrew Cuomo, who personally visited the new stations and oversaw details. But whether construction crews actually make that deadline or not, the new transit line is already being factored into the UES market, according to experts. In November, StreetEasy released a study that showed that median rents along Second Avenue had increased 27 percent over the last five years, significantly more than rents along First and Third Avenues. That suggests more optimism than might be expected, according to Krishna Rao, StreetEasy’s economist.

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