NEW YORK CITY—As a rezoning plan undergoes the approvalprocess—and a new Second Avenue Subway station provides improvedaccess to public transit—East Harlem has become an appealingresidential option for those priced out of other Manhattanneighborhoods, according to the newest research report fromGFI Realty Services.
States the report , entitled East Harlem: A.K.A. theNeighborhood, “Developers and investors, recognizing theopportunity that East Harlem presents as an under served market,have been bullish with land, repositioning and multifamilyacquisitions. Multifamily buildings rose to an averageprice-per-square-foot of $425 in 2016; an 8% year-over-yearincrease, while development sites are now trading at over $200per-buildable-square-foot, a 25% increase from theprice-per-buildable in 2015. As new construction in theneighborhood continues to heat up, they are expecting that figurerising as well.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
