Harlem has seen its fair share of ups and downs over the last century. But its real estate fortunes have turned around in recent years, and today Harlem is having another full on renaissance, according to the Financial Times.
Recently a townhouse built in 1891 in the Striver’s Row section of Harlem sold for $2.89 million, a record sum for that Harlem subsection. And on 126th Street a five-story brownstone sold for $3.6 million in January. Newly built condominiums are now fetching between $950 and $1,200 per square foot.
“We’re in another boom period but there’s a sense this time it’ll stick,” Robb Pair, president of Harlem Lofts, an estate agent operating in Harlem for 15 years, said. “There’s sustained and balanced growth in the real estate market this time and that hasn’t existed in Harlem for decades.”
The median price of a home in Harlem rose 17.4 percent year-over-year in the second quarter, outpacing all of Manhattan, according to Miller Samuel data.
“The market for condos in Harlem has matured,” Julia Boland, a broker at Halstead Property, which is marketing the Adeline, said. “We’re catering to buyers who expect the same level of amenities in Harlem that they’d get elsewhere.” [FT] – Christopher Cameron