Markets & EconomyRentals

L train shutdown expected to hit Williamsburg rents hardest

Hurricane Sandy damage expected to impact real estate market
Published on Feb 18, 2016
  • Worst case scenario, the train could be out of service for three years, potentially causing rents to drop in those communities over a prolonged stretch.
  • The Canarsie Tube, which transmits the L train under the East River between Brooklyn and Manhattan, has about three miles of concrete, cable, signal and rail damage in need of mending.
  • With an anticipated 15 percent drop in Williamsburg rent prices, perhaps the temporary inconvenience is worth finding alternative transportation.
  • Fortunately for homeowners, experts say home values are likely to withstand the temporary construction, regardless of the unfavorable construction timeline and unanswered public concerns.

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by CareyBot

L train services between Manhattan and Brooklyn are expected to shut down for at least 18 months in late 2017 to repair damages caused by Hurricane Sandy, and commuters who rely on the train to get to work might start looking for apartments elsewhere ...

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