Affordable luxury homes coming to Yorkville and the Upper Eastside

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With all of the high priced new developments being built all over the city, Yorkville the stretch of 72nd to 96th streets east of Third Avenue is still affordable.

New and affordable luxury condos are coming to the Upper East Side. A new 21-story project just 200 feet from the future 96th Street stop is targeting buyers who can’t afford Downtown prices.

While some developments in the area are no longer considered as affordable luxury, there are many that are.

Over a dozen new buildings are being built in Yorkville, and they’re attracting buyers who see Yorkville as a place where homes are a bargain.

With the fall real estate season upon us, hundreds of new apartments—both condos and rentals will inundate the real estate market in the next few months.

Public transportation is limited east of Third Avenue, but it won’t be that way for long. In addition to the crosstown buses, the Second Avenue subway is due to be completed in late 2016, not to menti0n the soon to be completed “Q” line. And this neighborhood does not lack for restaurants. There is even a new Whole Foods.

Yorkville has been a long-time favorite for those wanting to live near private and prep schools, but as both land and condo prices hit record highs, there is a whole new interest in Yorkville.

According to StreetEasy in 2010, Yorkville’s median sale price was $663,500.

In July, StreetEasy reported Yorkville’s median price per square foot was $1,098, up 5.1 percent from the year prior and a whopping 29.8 percent from the month prior. The Upper East Side as a whole, of course, boasts a higher median: $1,694 per square foot in July.

It may not be Downtown, but it certainly is more affordable.

With three quarters of New York City residents living here as renters, Yorkville and the Upper Eastside awaits a new crop of construction set for completion and leasing in the 2016.

Because closing on new construction can take up to two years or longer, for those who want to buy and move in immediately, there are a few luxury condos with large full-floor apartments on the Upper Eastside.

Source: http://www.examiner.com/article/affordable-luxury-homes-coming-to-yorkville-and-the-upper-eastside

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