Moving on Up! Harlem Continues to Attract Investment, Conflicted Feelings

Clients and people we meet off the street are constantly asking where to find the next Alphabet City, the next Williamsburg (that hopefully wont stagnate).  Those who are thinking more longterm want to find the next good investment, and who could blame them.  Our own team has good personal experience with this type of foresight as the Blumsteins themselves bought a home in Greenwich Village in the 70’s – well before it became the hotspot it is today. 

So what is up and coming?

One area we have an eye on is the upper-upper west side – above 106th as you head into and above Columbia.  There is plenty of transportation (including some express trains) and many of the buildings are already beautiful or ripe for some upkeep.  At the moment property prices are on the fair side, with most prices per square foot coming at a significant discount. Due to a lack of infrastructure expenditures over the last few decades, there are also full buildings and town homes that need gut renovation but the owners don’t have that kind of money.  This opens up the potential for investors with some gumption to come in and make something beautiful.  For instance, recently 140 West 130th went into contract at a price per buildable square foot around $105.  In New york City that is practically unheard of, even for a shell of a building. 

An article just came out in Crains discussing the transformation and planned developments along 116th street.   On the far east end you have the new shopping center with Target and Cosco.  On the west side, Columbia’s planned development will vastly change a large swatch of the landscape between Morningside and Riverside park.   Of course with development comes increased rents and property values, a double edge sword to the community which lives there.  For more color on the situation, check out the full article here.