Second Avenue Subway Gets $1.3B Boost

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NEW YORK CITY-Gov. Eliot Spitzer, along with James Simpson, administrator for the Federal Transit Administration, revealed an agreement that guarantees $1.3 billion in federal funding for the construction of the first phase of the Second Avenue subway. The first phase of the subway project will run along Second Avenue north from 63rd Street to 105th Street, creating three ADA-accessible stations at 72nd, 86th and 96th streets.

According to Lt. Gov. David Paterson, mass transit is the linchpin of any economic design for the 21st century, so it is no surprise that real estate insiders are also bullish about the news. Eric Lewis, a managing director of Cushman & Wakefield’s hospitality and gaming group, tells GlobeSt.com that “upon completion, the Second Avenue subway should boost values significantly in the areas it will serve.”