Renting in NYC: Focus on UpperEast Side
Dominic Couzens, Licensed Real Estate Salesperson
Having grown up on the Upper East Side for over 20 years, and experiencing the changes that have occurred in this very young century, I can tell you that the neighborhood has never had more happening than this year.
The arrival of the 2nd Avenue subway has been a complete gamechanger. Recognizing favorable rents new businesses are popping up and sister operations of downtown venues are opening. For example, Wilfy and Nell, a very popular bar downtown, launched The Penrose a few years back. The Penrose has become a “go to” venue and prime example of the new types of operations, once thought to no longer exist, populating the 2nd Avenue thoroughfare.
Another great example of new and returning business is that of DTUT. The coffee shop/bar they took over the former location of American Spirits. Locals are very excited about their return.
It isn’t just restaurants and bars arriving. New construction has flooded the residential skyline. Related Rentals fought for years and ultimately won their battle with the community board and constructed the Easton at 205 East 92nd. They also happened to engulf a significant amount of visibility and sunlight to the streets. Within the building, is a mega sized Equinox, featuring state of the art workout machines and array of classes. The building is nice, but I believe the neighborhood would have been just fine without it, especially since Related destroyed a park, hundreds of trees, along with basketball and tennis courts to put their building up.
Moving on …
The Manhattan Marine Transfer Station at 90th and the East River. It is typically thought to be a major deterrent to the area, impacting the rental and sales market and set to release some new smells to the streets, however, younger couples and new families are finding value in the surrounding blocks and scooping up properties.
Also new to the area, is the Trevor Day School High School on 95th street between 1st and 2nd Avenue. Since its inception years ago, the upper school has been on the Upper West Side. However, 2 years ago, the school opened their state of the art building and setting the bar very high for private school building standards.
It was announced recently that the largest residential building on the Upper East Side is going to be constructed at 321 East 96th Street. It is a $951 million dollar project to have over 1,000 units. It will house 3 different schools. This monster of a project will certainly set a new tone to the area and drastically impact the 96th Street and East Harlem community. It will certainly cluster traffic getting on the FDR at 96th street.
Plans for expansion of the 2nd Avenue subway going North of 96th have been announced. However, I can tell you that completion on that will be at least 5 years longer than the MTA will reveal.
The continued development and cleaning up along the East River, especially in Carl Schurz Park has increasingly become a major resource for workout enthusiasts, sun-bathers, and more.
It is a changing, dynamic time on the Upper East Side. As a local, I welcome some of the change, however, I hope that the identity to particular streets and parks and even clusters of streets can hold on, and real estate value can be held for at least a few more years.
So, are you going East? I would suggest you do.
#NYCNeighborhoods, #NYCLifestyles, #DTUT, #ThePenrose, #CarlSchurzPark, #TrevorDaySchool #2ndAveSubway, #NYCRentals, #NYCRealEstateAGents, #UpperEastSide
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