Since New Yorkers take the subway everywhere all the time, proximity to a subway station is generally regarded as an excellent thing, pushing real estate values up. And nowhere has this been more important than the relationship between wildly popular Williamsburg in Brooklyn and the L Train.
But New Yorkers and the MTA are about to find out exactly what the nature of this relationship is between the subway and real estate values and whether it can survive a shutdown of the L Train.
The Canarsie Tunnel under the East River, along which the L train travels was pretty comprehensively wrecked by Hufficane Sandy and now the MTA has a horrible choice: fix it in one and a half years and shut the train down fully or take 3 years and live through a partial shutdown.
But will the wild rush to buy Williamsburg realestate which has pushed prices sky high survive either length of shutdown? The MTA is reluctantly about to conduct an experiment in exactly how this relationship works. They’re not happy about it and if you talk to the New York natives who will be affected be prepared for some choice words.
However everyone knows it’s got to happenso watch those real estate prices and find out exactly how much lack of access to a subway in Williamsburg does or does not bring down real estate prices. MTA shutdown to affect real estate prices
Looked at another way perhaps this is the time to buy in Williamsburg.