Changes in transit routes influence real estate values significantly. Owners of residential properties near new ferry stops benefit, while properties losing access suffer depreciation. For instance, Douglas Durst's successful push for a ferry stop at Halletts Point drastically reduced the Manhattan commute time. In contrast, developments adjacent to the expanded East 72nd Street subway station are set to experience increased property values. Historically, the city's major transit network changes have been minimal since the private companies' takeover ended, emphasizing the importance of strategic transit planning.
Douglas Durst successfully advocated for a ferry stop near Halletts Point, dramatically reducing the Manhattan commute from 75 minutes to just 4 minutes, illustrating transit's impact on property value.
Projects near the East 72nd Street subway station, including Chetrit Group's development and two others, underscore how mass transit expansions can elevate property values significantly.
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