East Harlem’s Appeal is Rising

125th and Park Avenue, a section of East Harlem, or “El Barrio.”

NEW YORK CITY—As a rezoning plan undergoes the approval process—and a new Second Avenue Subway station provides improved access to public transit—East Harlem has become an appealing residential option for those priced out of other Manhattan neighborhoods, according to the newest research report from GFI Realty Services.

States the report , entitled East Harlem: A.K.A. the Neighborhood, “Developers and investors, recognizing the opportunity that East Harlem presents as an under served market, have been bullish with land, repositioning and multifamily acquisitions. Multifamily buildings rose to an average price-per-square-foot of $425 in 2016; an 8% year-over-year increase, while development sites are now trading at over $200 per-buildable-square-foot, a 25% increase from the price-per-buildable in 2015. As new construction in the neighborhood continues to heat up, they are expecting that figure rising as well.”