Retail, restaurants lure developers to West Harlem

New condos and rentals begat restaurants and retail in West Harlem years ago, and now those establishments are spurring more residential and commercial real estate investment across 110th Street.

As the many new shops and eateries on Frederick Douglass Boulevard make their mark, the price per square foot for residential properties in the neighborhood has increased 17 percent since 2007, enough to outpace the broader market. Meanwhile, commercial rates have soared to $100 today, from $60 per square foot prior to the housing collapse, Faith Hope Consolo of Douglas Elliman, told the New York Post.

Jeff Krantz of Halstead continues to invest in the area. Rentals at the developer’s 10-unit brownstone conversion at 139 West 123rd Street, where two-bedrooms went for $2,600 per month, sold out in six weeks. Krantz also plans to debut a 12-unit rental at 145 West 123rd Street later this summer.  The Post pegged the new spot’s monthly rents at about $2,500.

And the 41-unit luxury rental building at 2270 Frederick Douglass Boulevard at 122nd Street is now leasing apartments, according the developer’s website.  Rents should range between $2,100 for a studio and $2,700 for one-bedrooms, according to the post.

In November, The Real Deal reported on Baruch Singer’s $340 million sale to Rainbow Estates Group of a portfolio of northern Manhattan and Bronx rental properties. The deal included swaths of buildings along West 111th and West 141st streets.

With 125th Street set to receive $1 billion in real estate investment over the coming year, the area could become even more attractive. [NYP] – Tom DiChristopher