Connect Commercial Real Estate | March 24, 2017
The East Harlem neighborhood of Manhattan has become a haven for those priced out of other Manhattan neighborhoods. This, in turn, has been driving up home prices and rents and attracting new development, according to research from GFI Realty Services.
“The Second Avenue Subway is fueling further confidence in the area, and is helping to silence doubts about East Harlem’s potential for prosperity,” said Justin Fitzsimmons, research analyst of GFI Realty Services. A planned extension of the subway and rezoning of the area should drive even more investment.
At the end of 2016, the median rent of an apartment in East Harlem was about $2,325 — a 5% jump from 2015. As of February, the median rent had reached $2,399.
On the residential sales side, the median price was $810,000 — up an impressive 12% jump above 2015’s numbers. Furthermore, total sales volume reached $112 million — nearly double from 2015.
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