Buying Opportunity: UES 1BRs

Buying Opportunity: UES 1BRs

Upper East Side 1Br Market – At the end of June I analyzed the 1Br Market for properties on the Upper East Side between 65th to 83rd and York Ave to 3rd Avenue priced between $400,000 to $650,000. The average price for these units was about $490,000. Median around $485K. The majority were straight 1Brs without an alcoves but respectably sized. Many were in full-service doorman coops. The best prices were East of 2nd Avenue.

Since the end of June buyer activity seems to have slowed a tad overall and in this area too. While some sellers have lowered their prices, given the lower traffic there seems to be a waiting pattern right now with buyers looking but not urgently.

Apartments on 2nd Avenue seem to be affected in some cases by the 2nd Ave Subway construction. However, I believe in the long term the up-side will be positive. Think of it, eventually there will be a whole new subway line bringing York and East End Avenue minutes from the Subway instead of the multitude of blocks (many of them pretty walks) to the 6 or 4,5 Trains.

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