Emerging neighborhoods like West Harlem, East Harlem, Hamilton Heights, Washington Heights, and especially, Inwood, saw dramatic growth over the last quarter, as several developments began leasing and offering big incentives for renters to move Uptown. The average rents in these neighborhoods were $1675.“This year our biggest focus was on keeping our rental inventory updated, given the historically low vacancy rates across the city. New landlord relationships became a top priority for Century 21 so that we could continue to provide our customers with access to property within their price range,” says Michael Simon, president, C21NYC.“We have drastically increased the amount of rental exclusives we represent in the last quarter. We have over 260 exclusive units available in Harlem alone and many more in all areas of the City.” reports Eric Hamm, Director of Rentals, C21NYC.Source: Kreth
In answer to those who think that the Harlem real estate bubble is bursting any time soon.
Central Harlem Rocks
January 17, 2007
I recently attended a meeting that was led by Lloyd Williams who mentioned developments that are planned for the Northwest corner of 135th & Frederick Douglas, an upscale Italian resteraunt directly accross from the police station on 135th Street, and the southeast corner of 135th & Lenox (the old diner next to Lennox Terrace).
Does anyone have any specific information about what’s planned for these sites?
Hugo
January 17, 2007
Before everyone jumps on D.Bell…I think this was just to answer someone’s doubt about Harlem’s real estate. I’m just curious as to who exactly was posturing that the real estate bubble was bursting in Harlem. I think every post before this one has only buttressed the fact that there is no slowing down in the rate of tenants (commercial and residential) who are migrating north into our backyard. As Joe said, the Lenox and Lenox Grand are taking more time simply because there are a couple things working against it. First, it’s a bit of a walk to the train station whereas other recent developments like the Langston,the other 145th St.buildings, and the strivers complex are within a block of transportation and have parks to soften the “urban element”. However, even with these drawbacks they are still selling as is the Rhapsody. Now…before i get crapped on I am not a proponent of the gentrification movement that’s occuring. Shamefully WE are not the ones buying up all these units. If anything this is a call for us “natives” to get on top of our financial diligence (i speak for myself at least) and secure our place in this neighborhood before we get swept away. I love Harlem way too much to get kicked out the back door.
joe
January 17, 2007
Bravo to Uptown Flavor for presenting a pro gentification story.
To Anon poster, luxury condos ARE selling in Harlem, just the Lenox and Grand is slower to sell, other buildings ARE selling.
reefinyateef
January 17, 2007
$1675?!?! Good LAWD that’s alot of money!
Anon
January 16, 2007
“We have over 260 exclusive units available in Harlem”.
This is one agency, there are dozens and thus obviously thousands of vacancy. Why would you, Uptown Flavor, take an editorial position on this in context to a Harlem Real Estate Bubble.
1. It does not address/breakout sales v. rentals.
2. Harlem Luxury condos are not selling and one need only go to the Lenox and Lenox Grand to see that.
3. Why listen to the voice of the real estate industry? Good grief? That’s like asking the NYPD of how good of a job they are doing….