The extension of the Second Avenue Subway is almost underway! Senator Chuck Schumer (D-N.Y.) confirmed that the project is entering the engineering phase, signaling significant progress in extending the Q line to three new East Harlem subway stations including E. 106th St., E. 116th St., and E. 125th St. Upon breaking ground, the expansion is expected to be completed in eight years.
The federal government gave approval for engineers to begin evaluating construction specifics following the recently passed infrastructure bill that allotted nearly $10 billion to New York public transit.
The Impact the Infrastructure Deal Will Have on New York State:
Broadband: $100 million to the state to upgrade internet access
Bridges: $1.9 billion to replace/repair bridges
Transit: $9.8 billion to improve public transportation options across the state. This includes the possibility of a new tunnel built under the Hudson River that will replace the previously damaged bridge during Hurricane Sandy in 2012. The project would cost approximately $12.3 billion to construct.
Airports: New York’s 24 major airports will receive $685 million in investment
Roads: $13.7 Billion in highway funding
(ABC - News 10)
As the funding makes its way to Olde New York, real estate is also ramping up with 2021 having its strongest 4th quarter in over 32 years. Here’s what you need to know:
Gross sales dollars of luxury condominiums rose to their highest level in more than a decade of tracking and nearly doubled the prior year.
The Omicron variant is delaying international investments, putting local and domestic buyers in the driver’s seat as many are eager to purchase in preparation for another spike in interest rates.
Coops sales had the most robust quarter in 4 years but still lagged behind condo sales (despite coops making up 65% of Manhattan residential dwellings).
Manhattan had a record 4,523 apartment sales in the third quarter of 2021, the most in more than three decades, and the median sale price, $1,115,000, was nearly 9 percent higher than in the same quarter of 2019 (Miller).
For any of you real estate questions please feel free to reach out anytime.
Best,
Corey Cohen
The Roebling Group
Vice President
ccohen@roeblinggroup.com
@mrcoreycohen
646.939.7375.
