We sat down with Danny Hedaya, President of Platinum Properties, to get his feelings on the Upper East Side and the addition of the 2nd Avenue Subway line. According to Danny the addition of the line thus far has had a short term negative effect, especially on the retail spaces in the area of construction. However, he believes that we will ultimately see appreciation in the values of the properties in the area. “There is a tremendous market in the area for families…” New properties are constantly coming up and going off the market quickly.
The Upper East Side is home to new families and a wide variety of residents. This neighborhood is located between Central Park and the East River, and is one of the most affluent neighborhoods in New York City. With over 200,000 residents, the cost of living is usually quite high in the area. However, with the construction, prices in the area have lowered in some buildings.
Platinum Properties’ exclusive listing, 418 East 59th Street, lies right on the border of Midtown East and the Upper East Side. The cost of this apartment is $3.75M, which is a great investment for once the subway line is completed. Platinum Properties has many other listings in the area that you can find at www.platinumpropertiesnyc.com.