July 19, 2016

The Fourth "L" in New York Real Estate

The old saying is that there are three “L’s” in real estate – location, location, location. For many living in Brooklyn, the fourth “L” is a train.  

The convenience and amenities of any community can raise a property’s value. When shopping for a new place to live, it’s important to consider location in relation to your work and where you would like to spend most of your time. Some people are perfectly happy with a longer commute, but for others, the lack of direct access to work, shopping, and other needs means hours out of their life that they just can’t afford.

  As referenced in  our last blog post , people are moving to Queens and Brooklyn to find lower rent alternatives to Manhattan. This is largely made possible because the commute from one place to another is made livable through the New York subway system. For many, the subway is something you either love or learn to live with, but at the end of the day, it is a point of pride that so many in this city can get where they need to go.  

  However, that expectation is about to change for a large, very popular section of Brooklyn. According to recent press , damage from Hurricane Sandy has required that the popular L line undergo major repairs and one of the proposals being considered right now would be shutting down the L train for about two years. This would mean no service from Manhattan to Williamsburg and points beyond.  

  The good news is that the MTA will likely still offer some sort of service, most likely in the form of shuttle busses. Others will be forced into rerouting their commute south to one of the many lines that crosses from Brooklyn to Manhattan, or north into Queens to take the E or the M across. Regardless, for many this means more time spent getting to where you need to go. When thinking about your next move, it is important to talk with a  real estate specialist  about your expectations of your commute.  

     

 

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