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125th and Park ave 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.”

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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.

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