April 20, 2017
Rents are falling at apartments close to the new Second Ave. Subway, which opened at the beginning of the year.
It looks like landlords got ahead of themselves, raising rents last year in anticipation of the subway opening, which extended an existing train line to three new stations on a transit-neglected part of the Upper East Side.
“I think the subway opening got swallowed up in the pushback from tenants against inflated prices,” said Kobi Lahav, managing director at brokerage Mdrn. Residential to Crains New York Business.
The beginning of the year traditionally is slow for apartments, which are also facing competition from new construction.
Between last year and the first few months of 2017, asking rents dropped for more than half of the 71 apartments located around the three new subway stops, according to analysis by Crains of recent listings data from StreetEasy.
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