I came across an interesting clip from Brick Underground about renting or selling during the Winter months, which then lead me to a Manhattan rental report and from there I tripped over housing stats about Harlem. If you’re an owner of property in Harlem, you’ll enjoy this news. If you’re a person looking to rent in the Harlem area, this is info could be bad news for your endeavor.
According to the 2012 November issue of Manhattan Rental Market Report, “Harlem is the only neighborhood that saw increases,” which is unusual because during the cold season the real estate market typically slows down for both selling and renting; and numbers are flat. But not for renting in Harlem. The numbers are up, according to this report. Here are the Harlem stats:
Non-Doorman Studios (3.1%)
Doorman Studios (4.4%)
Non-Doorman One-Bedrooms (3.5%)
Doorman One-Bedrooms (2.6%)
Non-Doorman Two-Bedrooms (2.0%)
Doorman Two-Bedrooms (1.2%)
To learn more about the Manhattan Rental Market Report, go here.
Posted in 110th Street, 116th Street, 125th Street, Adam Clayton Powell Jr. Blvd., apartments, business, Community, education, Frederick Douglass Blvd., Harlem, Lenox Avenue, New York, New York City, NYC, real estate
Tagged Apartments, Brick Underground, business, doorman, economy, Harlem, Insider tips for selling/renting out your apartment in the "slow" season, real estate, rental market, rentals, renting
The abandoned, halfway finished, glass building on 121st Street and St. Nicholas Ave., aka 220 St. Nicholas Ave., is apparently going rental, not condo. The Real Deal reports that the developers are foreclosing on this odd structure and taking title to the property and turning into a rental.
I walked by this place yesterday afternoon and saw a forklift (if that’s what it’s called?) on site carrying someone to the top of 220 St. Nicholas Ave in Harlem. Maybe it was the young developers checking out their soon to be foreclosed place?
For the last several years, all Harlem has seen is condo buildings going up-one after the other-especially on or near Frederick Douglass Blvd. Another building is going to be constructed in this Harlem area. However, it’s not going to be a condo. Several sources tell Harlem Gal Inc that the next building to be built from the ground up in Central Harlem will be a rental building and the developer responsible for this will be Hans Futterman. Futterman has built 2280 FDB and several other buildings in the surrounding area in Harlem.
Futterman purchased the space on St. Nicholas Avenue between 121st and 122nd Street. It’s where the gas station use to be. If you walk by you will see that it’s been closed and permits are hanging on the fence. Futterman has told several business people in Harlem that he is going to build a rental building at this location in Harlem since most of what he has built has been condos!
There is no word yet as to what the building will look like in terms of layout or how high. As with most stories, that information will unfold over time.
As for whether this building will be an affordable rental building, I seriously doubt it. Most of what Futterman builds is mid-to-high end. Stay tuned!
Posted in apartments, business, commercial real estate, Frederick Douglass Blvd., Harlem, real estate
Tagged 10026, 10027, Apartments, Central Harlem, condo buildings, Hans Futterman, Harlem, real estate, rental building, rentals, st. nicholas avenue
Aug 27, 2010 @ 6:30
August 26, 2010 was filled with interesting surprises! For the last two years, the rental market in New York has been favorable toward renters, but now that has apparently changed. According to The Wall Street Journal, rental activity levels in Manhattan continue to heat up. The article mentions Harlem and reports that prices on studios with doormen are on the rise in Harlem. They’re up around 5 percent. Wow. How did that happen? What happened to the double dip recession? I guess it bypassed the NY rental market!
After I read that article, I turn around and read an email from a reader telling me Marcus Samuelsson released photos on his website about the latest construction happenings with Red Rooster. Along with the pictures, Samuelsson states he is “super excited for the opening and it feels like the community is sharing in the excitement too!” Awh…that’s nice. I just hope the opening of Red Rooster is soon!
See what happens in a course of a day. The rental market heats up and Red Rooster pictures appear! Only in New York…right?