Harlem might seeing another renaissance if reports by Ariel Property Advisors efforts are any indication; the residential and retail markets appear to be on the upswing.
We’ve noticed a few new condo developments in Harlem cropping up that are aiming at those who want the feel of a luxury building without the hefty cost, and the city’s Economic Development Corporation recently announced the revamping of two run-down commercial properties on West 125th Street. And this renewed developer interest could help alleviate the “housing supply contraints” in the area and boost residential rents and sales.
Other indicators of a strengthening market, per a new report from Ariel Property, are:
• Central Harlem saw several popular shops and restaurants come online, notably the Red Rooster on Lenox Avenue and the Harlem Tavern on Frederick Douglass and West 116th Street.
• In East Harlem, construction on the Hunter College School of Social Work was completed and students will begin attending classes at the facility in August, which is expected to give a significant boost to retail in the area.
Read our Sit-Down interview with Ariel principal Shimon Shkury here.
pengel@observer.com
