The power of good transit is not merely one of the most important factors for New Yorkers when buying real estate — it also drives up interest of foreign buyers, as Yorkville is quickly seeing.
This quiet neighborhood on the Upper East Side, which had to endure years of construction clangs and clouds of dust during construction of the Second Avenue Subway, is undergoing rapid transformation since the new Q train stations opened this year, experts say.
Swanky residential towers rising in the area are attracting more families, as well as an influx in foreign buyers — especially from China — as brokers increasingly lure them to the neighborhood to take advantage of the lower price points relative to Downtown or even other parts of the Upper East Side.
“Yorkville really never has been on the map for them,” said broker Seth Levin, of Keller Williams TriBeCa. “It’s through educating our clients and the media reporting on the results of the Q train coming in that has brought it to their attention. If they’ve seen it in the media, it makes them comfortable. Yorkville has been reported on a bunch, so they have a comfort level that wasn’t there in the past.”
Foreign investors tend to look for something “safe” or “blue chip” when buying, he noted. They prefer brands they’ve heard of, like the Four Seasons or the Ritz, and continue buying on Billionaire’s Row because they keep hearing about pricey new developments on that strip.