The Upper East Side has long been famous for its expensive and luxurious homes. Not much has changed there in past years until recently. The biggest change occurring on the Upper East Side is its construction of the Second Avenue subway line. The completion of this project will mark the first major expansion of the New York City subway system in 50 years. Plans for the Second Avenue subway date all the way back to 1929. The extension of the subway line is predicted to be completed by December 2016.

Each day more than 5 million commuters ride the 209 mile-long subway lines. But in a city as wide as New York, 209 miles is far from being enough. Hence the project for the new 2nd Ave subway track, that will add 8.5 miles. Even if it appears to be a drop in the water the addition will tremendously relieve the 4,5,6 lines. 

Just last week, we discussed the impact of the expanded 7 train -- which will have a new terminus in West Chelsea come 2013 -- on real estate in West Chelsea and Clinton. It's really not hard to figure all that out -- condos in Chelsea would become significantly more valuable were they suddenly to be a short walk from a subway that connects them to the rest of Manhattan. The same would be true for condo listings in Clinton, which is why NYC real estate developers are lobbying so hard for an additional 7 train stop at 41st Street and 10th Avenue. While we at New Construction Manhattan love us some Chelsea condos and Midtown West apartments, it's probably fair to say that the planned 7 train expansion is small potatoes compared to the opening of the long-awaited Second Avenue Subway line. While it hasn't hurt the market for or value of Upper East Side condos, one of the downsides to life on the UES is that the entire Upper East Side is served by just one subway line, which can make for some unappealing rush hours.