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Does Subway Proximity Matter Anymore In Nyc Real Estate?

Does Subway Proximity Matter Anymore In Nyc Real Estate?

Living in a big city has a lot of perks as well as drawbacks. That’s city living! The one topic that never seems to run out of complaints or praise is the Subway. The MTA has often been a nuisance for some New Yorkers, while others brag that it is the only way to get around during rush hour reliably. Still, living close to a subway has always made real estate within those few blocks even more valuable. But what has happened since the emergence of fast and inexpensive services like Uber, Gett, Via, and Lyft?

It can sometimes take 10-15 minutes of walking to get to any public transportation from neighborhoods like the West Village, Battery Park, and Long Island City; however, these areas are still desirable, possibly because their residents can usually afford car services even before the discounted ride pool fares. But now, with all these new affordable commuting options, how much goes into choosing neighborhoods like these with long walks to the subway? The popular car service, Via, offers ride shares that can pick riders up within 2 blocks from any location. Rides start at $5 anywhere in Manhattan south of 125th street, and just $2.75 for Williamsburg/Greenpoint/Downtown Brooklyn and LIC. This fare is purposely prices to take subway fares away from public transit. Bus is it working?

The reality is, that a car is only as good as the traffic. During rush hour, sometimes the only way to get through through the city in a timely fashion, is to go underground. Yes, the MTA machines break down frequently, double charge passengers, and trains are constantly late, closed, and unkempt. But when you need to get around quickly, only the subway can offer that kind of movement in those mad dash hours. So for rush hour commuters, when it comes to home features, the location of subway is still a top priority.

Uber has been on the path to put taxis out of business and replace public buses, but when you can’t beat them, you join them. Now, Uber has teamed up with public transit in some cities like Dallas, Atlanta, LA, and Minneapolis* to integrate both services for maximum convenience. But the question to be asked is will Uber partner up with the MTA one day here in NYC and how? As of now it does not seem likely. With the L train shutting down, that could be a golden opportunity for Uber to step up the the plate with with a solution to work with the city. Until then, if you need to commute fast during rush hour, residing near a subway continues to be a “must have” in NYC.

* Atlantic CityLab