Articles on East Harlem Apartments

Neighborhood Watch: Harlem's Rising Star

Harlem

The neighborhood of Harlem has changed throughout time and has fit into a number of categories since it’s beginnings in  the 17th century. Notably, the neighborhood has morphed from, farmland, battlefield, resort town, commuter town, and presently has re-burst into life in the 21st century as one of NYC’s most sought out neighborhoods. Here’s why: 2013 apartment’s in Harlem were both bountiful in inventory and reasonable in price, leading to a higher influx of new residents.

Harlem Becomes Hip

Move over, Chelsea and the East Village. There’s a new neighborhood that’s attracting the wealthiest of Manhattan, and that happens to be none other than historic Harlem. Recent reports have said that the prices for apartments in Harlem have been steadily growing, with the latest example of this trend being the sale of a luxury penthouse in One Museum Mile for $3.1 million. More proof for this trend has been exhibited in the fact that from 2007 to 2012, the prices of apartments near 110th Street in Harlem have increased by 39 percent.

Some Considering a Shift in the Upper East Side Northern Boundary

If you work in or are1280 Fifth Avenue in Manhattan otherwise interested in the New York real estate market, chances are you can point out the lines that separate all the Manhattan neighborhoods on a city map. While some neighborhoods are marked with somewhat vague boundary lines, others, such as Tribeca and SoHo, are clearly demarcated, and oftentimes they mark off city zoning areas.  The Upper East Side also has strict boundaries to the west, where it meets Central Park, and to the north, where 96th Street marks the cutoff. But now some realtors and city planners are playing with the idea of extending the northern boundary of the Upper East Side to include new luxury condos for sale in the high 90 and low 100 Streets--currently condos in East Harlem.

Manhattan is Low on Luxury Condos

This is what they call a sellerGraph showing the metropolitan area house prices’s market. Crain’s New York took a look at sales of luxury condos in Manhattan on StreetEasy.com and found that overall inventory for condos over $5 million is at its lowest level since 2007. Realtors in Manhattan suspect that international buyers looking for stable investments, and prospective condo-owners aggressively pursuing prices still affected by the once-troubled New York real estate market, are responsible for the increased demand. But as the demand rises the available condos for sale in Manhattan are dropping. Last October there were 832 available listings of condos priced at $5 million or more. That’s the lowest October number since the market peaked in 2007 and StreetEasy was posting only 588 listings.

The Remarkable Market for East Harlem Condos

A rooftop view of condos in East Harlem New YorkSome things are too good to be true, and some things merely seem that way. File the real estate market in Manhattan’s East Harlem in the latter category. For buyers in search of affordable New York City condos and co-ops, East Harlem offers new buildings that have incomparable prices when compared to the rest of Manhattan. The real estate market there didn’t recover much from the recession, and prices per square foot remain much cheaper than pre-recession levels. Combine this with continuous construction of new condos in East Harlem despite the changed economy and everything adds up to very good deals for buyers.

96th Street: The New Development Frontier

New developments on 96th street in Manhattan increasingAs Manhattan’s population continues to grow, so does its supply of new construction. In turn, new and old residents alike seek affordable luxury, and in doing so sometimes catalyze the redevelopment of even the most unlikely of neighborhoods. Nowhere is this more obvious than East 96th Street, traditionally the boundary between the Upper East Side and East Harlem, two almost completely different neighborhoods. Yet what is just an unwritten barrier to many is a significant obstacle to new development, but that is changing rapidly.

 
While 96th Street may still demarcate neighborhoods, the area north of it is seeing a drastic increase in residential supply. One of the first, and most highly sought-after in the area is, luxury condominiums 1212 Fifth Avenue, a pre-war conversion that used to house medical students. Taking advantage of the neighborhood’s adjacent location to Central Park, 1212 Fifth Avenue is a demonstration of how new construction in Manhattan can overcome strong neighborhood perception by using the simplest of tools: an address, coupled with nearby subway access.
 

125th Street's Development Boom

New Manhattan developments on 125th StreetOne street in Manhattan is about to gain 350,000 square feet of new development, and it’s not what you may think. 125th Street, often considered Upper Manhattan’s Main Street of sorts, will grow yet again thanks to three initiatives spearheaded by the New York City Department of City Planning and Economic Development Corporation. The former’s 2008 rezoning and the latter’s two pet projects, CREATE @ Harlem Green and the Corn Exchange Building restoration, will serve as anchors to make the 125th Street corridor one of Manhattan’s most important. In doing so, it will serve as a hub for new residential and commercial development as well as a catalyst for the continued growth of Upper Manhattan.

4 Manhattan Neighborhoods to Get In While the Getting's Good

nym

Did you catch The Opportunist's Guide to Real Estate from New York magazine? Pretty fascinating piece... The mag put together a list of NYC neighborhoods that flourished in the '80s, dipped during the early '90s, and then came storming right back through the mid '00s. Huge, huge numbers for some of these... Take a look at the list's Manhattan neighborhoods: