BY ROBERT POZARYCKI | One would think that buying a home close to a Manhattan subway station would cost substantially more than a residence a few blocks away. But that’s not necessarily true, according to one study.
PropertyShark released on Oct. 1 the results of a study focused on median sales prices for homes close to subway stations across the city. On average, according to the report, the location to a Manhattan subway stop was an non-factor, as prices were about even.
However, that real estate prices for homes near specific Manhattan stations were significantly higher than other homes in certain neighborhoods.
Take, for instance, Lenox Hill residences close to the 5th Avenue-59th Street station serving the N, R and W lines. The neighborhood median sale price was $1,210,000; but for homes located within a quarter-mile of the stop, that price jumped to $4,636,000 — a 283 percent increase.
The high price near the station probably comes as no shock to anyone familiar with the area, as the entrance is located close to Central Park, the Grand Army Plaza and the Plaza Hotel, among other Midtown landmarks.
Similar spikes were seen further to the south in Central Midtown, close to the 5th Avenue-53rd Street station on the E and M lines. Within a quarter-mile of the station, the median sales price was $4,582,000, or 255 percent higher than the neighborhood’s $1,291,000 median price.
Other Manhattan areas experiencing subway sticker shock were the Theater District near the 59th Street-Columbus Circle stations ($4,050,000 median price within a quarter-mile); the Financial District near the Chambers Street/Park Place/World Trade Center stations ($3,830,000 within a quarter-mile); and Central Midtown at the 5th Avenue-59th Street station ($4,050,000 within a quarter-mile).
On the flip side, the PropertyShark study found some bargains near Manhattan subway stations in which the median price close to the stations was actually lower than the neighborhood median.
Homes within a quarter-mile of the 96th Street stop on the Q line on the Upper East Side’s Carnegie Hill had a median sales price of $515,000, or 72 percent less than the neighborhood’s $1,825,000 median sales price.
Lower median prices for homes near subway stations were seen close to the 51st Street/Lexington Avenue-53rd Street stations in Midtown ($706,000 within a quarter-mile of the stop); and near the Rector Street station in Battery Park City ($890,000 within a quarter-mile).
The PropertyShark study analyzed home sales prices at 431 subway stations across the five boroughs. They calculated the median price near subway stations for residential units (including co-ops, condo units, single family, two-to-four family homes and townhouses/rowhouses) located within a quarter-mile of each station.
For stations where the radius covers multiple areas, PropertyShark indicated, the median price of the station was determined using each neighborhood section within the radius separately.
All sales data was recorded between January 2014 and June 2019. A 10-sales threshold was used for each station and neighborhood, according to PropertyShark.
Visit propertyshark.com to view the full report.
