From a real estate perspective, the new Tappan Zee Bridge is expected to have a negative effect on the local market – at least initially.
About 50 local realtors and those tied to the region’s rebounding real estate industry heard plans and expressed concerns this morning about the $5 billion project. They were at the White Plains headquarters for the Hudson Gateway Association of Realtors, which hosted the panel discussion.
While enhancing the Hudson River crossing will improve the quality of life for the entire Lower Hudson Valley in the long run, all sides agreed that things will be rough in the sort term, especially in the neighborhoods along the construction zone such as The Quay apartment complex in Tarrytown.
“It’s just going to be a challenge,” said D Gloria Hernandez, a local real estate broker who specializes in the rivertowns. “It’s difficult to recommend (buying at The Quay) to residents in that area.”
The panel was comprised of Thomas Madison, executive director of the New York State Thruway Authority; Mark Roche, principal at ARUP, a Manhattan consulting firm; Robert Conway, senior vice president of AKRF, an environmental planning and engineering firm; and David Paget, chief counsel of the project. All four have been directing different aspects of the massive project along with Gov. Andrew Cumo’s office.
Ellen Brecher, a local appraiser, asked the group about what’s being done to protect local property values .
“I do believe there is going to be an impact on the real estate in that particular area,” she said. “There is going to be an impact on the (property) values.”
Brian Conybeare, a Cuomo adviser who moderated the discussion, said the governor has been in regular contact with those residents and is working with them to address their concerns particularly with regard to noise and air quality problems the project is expected to create.
“They want things like see-through noise walls … they very legitimate concerns and we’re working with them,” he said. “We don’t have the exact answers right now.”
He later added that of all the years and millions of dollars of studies that have gone into the project, none has been done to estimate what kind of impact the project will have on local property values.
Conway said that the work will be closely regulated to ensure that pile-driving will be kept to the hours of 7 a.m. to 7 p.m. and that there will be no jack-hammering done at night or on Sundays.
Such restrictions didn’t seem to appease the real estate community, but all sides agreed the project is necessary and will eventually add value to the market.
“The hope is that it is going to be a positive,” Conybeare said.