Koreatown sees change in population, neighborhood

An influx of young people in Koreatown has changed the character of the 32nd Street neighborhood, driving rents up and creating demand for trendy new hangouts. Korean parents are sending their children to study English in New York, aided by the strong Korean currency. Many young Koreans work at offices like Ernst & Young that are near Koreatown. In 2000, rents at the Koreatown residential building Herald Towers were around the mid-$30s per square foot; now they’ve reached the mid-$50s. Joseph Jerome, a principle at JEMB, developer of the Herald Towers, said retail rents in the towers had increased by 30 to 40 percent since last year.