All aboard the Second Avenue Subway real estate boom
It’s here. Almost. We hope.
After nearly a century of development, the MTA says that Phase 1 of the Second Avenue Subway will be up and running by the end of December — bringing the Q line to a quartet of stations from 63rd to 96th streets.
It’s optimistic, if belated, news from a city teasing the line’s promise since before the Great Depression.
But this time there’s a sense that an end is finally in sight.
For this reason, some brokers say, expect new retail east of Second Avenue to include kids’ services like martial arts studios and tutoring centers.
But while the retail scene is experiencing new gloss — Barry’s Bootcamp is now at 1216 Second Ave., for instance — an explosion of new stores has yet to occur.
“Retailers are having a hard time pulling the trigger until they see the [actual] effect of the subway,” says Hillel Spinner, founder of Spinner Equities.
But “the beginning of the end is near … and experienced retailers are definitely looking into the area,” notes Hal Shapiro, senior director at the Winick Realty Group.
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Winick Realty Group is one of New York’s prominent real estate firms specializing in retail leasing and advisory services. Over the years, Winick Realty has served a broad range of domestic and global clients, with a strong emphasis on long-term representation and expansion and growth strategies. Winick Realty Group is highly recognized as a forerunner in the retail real estate market.