Harlem’s real estate renaissance

There are 115 residences at One Museum Mile.

As the summer approaches and the market catches its post-recession bearings, no area in Manhattan has heated up as quickly as Harlem. The media has paid close attention as new condos along Central Park North and towers rising over Frederick Douglass Boulevard have led the way in the neighborhood’s real estate renaissance. While residents have benefitted from new restaurants and amenities brought in by these projects, new measures are being sought by community leaders to make sure that an area with a rich heritage stays that way.

In an effort to preserve the history of the brownstone-dominated area, a report released last week from Community Board 10 has outlined a plan to establish or expand nine historic districts across Harlem. While it still needs to be approved by the Landmarks Preservation Commission, some of the main intentions for the proposal lie in the fear of having glass condos arise between rows of classic townhomes. The plans may help maintain Harlem’s historic charm, but new data on market trends indicate that prices could push longtime residents out either way.

A recent report from StreetEasy.com’s VP of Research Sofia Song has shown that while prices across Manhattan have remained relatively flat since last year’s first quarter, Central Harlem has seen a 6.6 percent increase in median closing price — the highest of any neighborhood in the city. Even more telling is the shrinking inventory in the area, as the supply of available apartments is down 17.7 percent from 2011.

One of the big shifts has also been in the buyers. “When federally backed lending programs started supporting home ownership for end-users, homeowners started replacing investors as the top purchasers in 2008,” explains Robb Pair, the president of local brokerage Harlem Lofts. “The downturn caused some stress for many, but it was the best thing for Harlem.”

Despite these trends and rising prices, luxury buyers and renters are still coming to the area for better value and amenities than they can receive anywhere else on the island. On the sales side, conversion projects such as One Museum Mile, which houses condos above the Museum for African Art at 1280 Fifth Ave., have seen success — even selling some of their pricier units, such as the $3.1 million penthouse that sold this past month. Down the street, The Related Companies have started marketing 1214 Fifth Ave., Mount Sinai’s newest tower, which features 30 floors of rentals and the amenities of a luxury condo, including a pool, fitness center and a screening room.

If the rapid growth of Harlem highrises is limited as a result of new zoning restrictions, the neighborhood will need to rely on multifamily conversions to condos to keep buyers coming in. But if interest rates stay low and rents around the city continue to rise, the “renaissance” could continue for years to come.



News
Entertainment
Sports
Lifestyle
International

Sierra Leone Ebola patient, recovered from family, dies…

An Ebola patient whose family sparked a nationwide hunt when they forcefully removed her from a treatment center and took her to a traditional healer has died.

Local

VIDEO: Cop reassigned as NYPD investigates alleged head…

An officer alleged to have stomped on a Brooklyn man's head last week had his gun taken away and placed on modified duty.

National

New York Times calls for legalization of pot

The New York Times editorial board on Saturday endorsed a repeal of the federal ban on marijuana, becoming the largest paper in the nation to back the idea.

National

Two injured after cable snaps on Ohio amusement…

(Reuters) - A cable on a large swing ride at an Ohio amusement park snapped and struck two riders as the swing was in motion,…

Music

Newport Folk Festival: Photo gallery of 35 moments…

As has been the tradition since Bob Dylan plugged in a bajillion years ago, the Newport Folk Festival embraces more musical genres than its name implies.

Music

MKTO: Behind the bromance

MKTO's Malcolm Kelley and Tony Oller talk about the American Dream tour, Demi Lovato and getting turned down by girls.

Arts

James Earl Jones and Rose Byrne head to…

Two-time Tony winner James Earl Jones returns to the New York stage next month as an eccentric grandfather in a revival of the 1930s comedy…

Movies

Box office: Scarlett Johansson wins battle of brains…

Scarlett Johansson's "Lucy" handily dispatched with Dwayne Johnson's "Hercules" over the weekend.

MLB

Yankees looking to trade for Josh Willingham: Report

CBS Sports’ Jon Heyman reported Sunday the Yankees are interested in Twins outfielder Josh Willingham.

MLB

Joe Torre: I'm in Hall of Fame because…

Joe Torre spent 18 years putting together a near Hall of Fame career as a player. But it was the 12 years he spent as…

MLB

Yankees GM Brian Cashman breaks down art of…

The action frequently accelerates as the non-waiver trade deadline approaches, as it will on Thursday.

Auto racing

Jeff Gordon captures fifth title at Brickyard 400

Jeff Gordon captures fifth title at Brickyard 400

Education

Are liberal arts colleges turning away from the…

Bryn Mawr College, a small women's college located just outside of Philadelphia, announced last week that it would be making standardized tests like the SAT…

Education

Recent grads discover school superintendent plagiarized parts of…

  Two recent high school graduates made a surprising discovery about the commencement speech their school superintendent delivered at their graduation: portions of it was copied…

Career

Feeling stuck? Get out of the entry-level job…

Television and movies may be littered with 20-something characters who seem directionless when it comes to their careers, but author Mary Traina says she finds…

Style

Cara Delevingne's major fashion faux-pas

Find out why the outfit Cara Delevingne wore to Leonardo DiCaprio's charity gala raised eyebrows.