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Yorkville To Become Manhattan's 'Hottest' Neighborhood in 2017: Report

By Shaye Weaver | December 30, 2016 5:19pm
 Real estate prices are increasing along Second Avenue Subway and in Yorkville in general, according to StreetEasy.
Real estate prices are increasing along Second Avenue Subway and in Yorkville in general, according to StreetEasy.
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DNAinfo/Shaye Weaver

UPPER EAST SIDE — Yorkville will be the hottest Manhattan neighborhood and the sixth most popular neighborhood across the city in 2017, according to a report by StreetEasy. 

The real estate site has identified 10 neighborhoods across the city it says will be the place to buy or rent in 2017, placing Yorkville at No. 6, behind Kingsbridge in the Bronx, Fort Greene, Bath Beach, and Prospect Lefferts Gardens in Brooklyn, and Bayside in Queens.

Yorkville — East 79th to 97th streets and from Third Avenue to FDR Drive — is the only Manhattan neighborhood that made it to the list.

There's no doubt it's mostly because of the Second Avenue Subway, which opens on New Year's Day, according to TripleMint Real Estate agent Gina Ko, who sells apartments in the neighborhood.

"This is one of the last sub-neighborhoods of the east side north of Central Park to gain considerable attention," she said. "As continued progress on the subway line was underway, and progress was visible, especially from 2013 when one third of the tracks had been delivered to be installed, buyers gradually began to bring their interest into the neighborhood over the next few years."

 


(Credit: StreetEasy)

 

Yorkville has a small neighborhood feel, with mom-and-pop stores and relatively affordable walk-ups.

The median asking price for an apartment on sale in 2016 was roughly $1.1 million, up from $955,000, and the median rent price was $2,675 per month, slightly down from $2,695 in 2015, according to StreetEasy's report.

A three-bedroom, two-bathroom apartment was going for an average of $3.1 million in 2015 and now it's going for roughly $3.7 million, Ko said.

StreetEasy based its ranking on median sales and rent prices between 2015 and 2016, the change in Yorkville's population, and their website's pageviews for apartments in the neighborhood.

In November, it was found that rents specifically along Second Avenue have surged by 27 percent over the past five years, compared to only a 14 percent increase on Third Avenue and 19 percent on First Avenue, according to another StreetEasy report.

"After decades of progress, mostly underground, hit the streets, quite literally, residents could see station entrances being created," Ko said. "I believe it solidified the added value to the neighborhood that many have been hoping for for years."