Property values for homes near Long Island Rail Road stations will jump by an average of $7,300 once the LIRR completes its East Side Access link to Grand Central Terminal, according to a study released Monday.
In its study, “Rail Rewards: How LIRR's Grand Central Connection Will Boost Home Values,” the Regional Plan Association estimates that homes within a half mile of LIRR stations will climb in value by $3,000 for every minute of commute time saved because of the project. The value of homes within two miles will go up by $2,000 for every minute saved, the study said
About 600,000 homes on Long Island and in Queens stand to benefit, according to the study.
“East Side Access will provide the economy of Long Island with a much-needed boost," said Juliette Michaelson, the association’s vice president for strategic initiatives and the lead author of the study. “When commutes are shorter, people have more time to do other things, and they will pay for the convenience.”
East Side Access is scheduled to be completed by 2019 at a cost of no more than $8.24 billion, according to the MTA.
The project, which is being financed through the MTA's capital plan and federal aid, will save commuters bound for the East Side of Manhattan about 40 minutes a day compared with current options, such as taking the subway from Penn Station, officials said.
Pictured above: Grand Central Terminal