Harlem Whole Foods pushes up apartment rents: brokers

Grocery store to open on 125th Street this year

TRD New York /
Jul.July 28, 2016 10:11 AM

Kale could be a rent killer for long-term residents of Central Harlem. A Whole Foods grocery store set to open in at 100 West 125th Street later this year could cause apartment rents in the neighborhood to spike.

“There’s a one-bedroom two blocks away for $1,800,” Citi Habitats TRData LogoTINY broker Chyann Sapp told the New York Post. “And the owner said that once Whole Foods opens he thinks he could easily get $2,000, $2,100 for it.” And John McGuinness, president of Harlem Properties, said the store has been pushing up rents since it was first announced in 2012.

In a January study, listing site Zillow found that apartments within a mile of a Whole Foods store appreciate 4.5 percent faster on average than those further away.

Whole Foods will anchor a six-story building at 100 West 125th Street, on the corner of Malcolm X Boulevard, developed by Jeff Sutton.

“This is the biggest game changer for Harlem that we have seen in a very long time,” said Douglas Elliman’s Faith Hope Consolo. Others voiced concerns about gentrification. “Communities can see this as a signal,” Rachel Meltzer, an assistant professor of urban policy at the New School, told the Post. “‘Whole Foods is here now, I am really losing my neighborhood.’” [NYP]Konrad Putzier

Related Articles

M&T CEO René Jones and Brookfield managing partner Ben Brown with 5 Manhattan West (Credit: M&T, Brookfield, and Wikipedia)

Brookfield lands $184M refinancing for Manhattan West retail

Gale Brewer proposes women’s jail at Lincoln Correctional Facility (Credit: Getty Images and iStock)

Gale Brewer wants to turn “prime, trophy real estate” into women’s jail

Red Hook (Credit: Stevin Pisano via Flickr)

This ex-NYC drug cop has amassed a $400M real estate portfolio

31-33 West 110th Street

A Harlem prison with Central Park views is closing down — and developers are ready

Another tenant from last year’s Harlem fire is suing the landlord

Gentrification City: Investors are turning to other corners of NYC to chase returns

Kassirer’s refinances another Harlem multifamily portfolio

Isaac Kassirer refis part of Dawnay Day portfolio with $189M Freddie Mac loan