Harlem Neighborhood Market Report

By
Real Estate Agent with The Corcoran Group

Harlem was established in 1658 by the Dutch and named Nieuw Harlem after the Dutch city of Harlem. This large section of Manhattan real estate has a deep spirit, culture and history.

Apartment buyers can explore new buildings that range in size and style from studios to three-bedroom condos, co-ops to luxury lofts, along with renovated historic brownstones and townhouses. 

Developers have converted brownstone, shells of buildings and narrow vacant lots into condominium apartments. For Harlem home buyers, this wave of condo conversion in Harlem provides an opportunity to live in a neighborhood with small-scale buildings. Harlem zoning does not allow for very large buildings. These apartments, typically floor-throughs and duplexes come with town house amenities, like terraces, gardens, fireplaces, and uncommonly good light for Manhattan. 

                                       Harlem

  • East Harlem/El Barrio (Spanish Harlem) community stretches from First Avenue to Fifth Avenue and from East 96th Street to East 125th Street.
  • Central Harlem stretches from Central Park North to the Harlem River and from Fifth Avenue to St. Nicholas Avenue.
  • West Harlem, including Hamilton Heights and Sugar Hill, stretches from 123rd to 155th Streets and from St. Nicholas Avenue to the Hudson River

For the last few years there has been a wave of development and construction in Harlem. New condo development has surged in Harlem like the rest of Manhattan and there appears to be enough demand by buyers to meet supply.

                         

111 Central Park North

A luxury glass condo at 111 Central Park North currently has 2 available 3 bedroom apartments for sale for $2,399,000 and $2,690,000.

Recent sales data: A 4 bedroom 4.5 bath 2897 square foot Penthouse recently sold for $4,525,000. 

It appears Central Park North is getting numbers equivalent to prices on Central Park West, Central Park South and Upper 5th Avenue. Harlem condos typically sell for $550 to $800 per-square-foot. Townhouses run $350 to $500 a square foot if it requires no renovation. If it's a shell, and one can still be found it's about $250 to $300 a square foot.

A diversified mix of New Buyers think Harlem is an exciting place to live because it is still on the island and they are priced out of downtown. They are coming to Harlem for the neighborhood's history and the immaculate houses on Strivers Row and new condos all over Harlem. The fixer-upper brownstones that were a steal have been gone for a few years now. Most Townhouse owners have cashed out already. Many have been renovated and many sellers have priced them too high. 

There are new condo developments from Morningside Heights to Hamilton Heights

New larger buildings with doormen and other amenities have gone up on Harlem's Avenues. Many of the new developments are along Frederick Douglas Boulevard.

88 Morningside venue88 Morningside Avenue

88 Morningside Avenue, Harlem, Morningside Heights is a new construction condo set among tree lined streets and pre-war buildings directly opposite Morningside Park. Current available apartments at 88 Morningside range from a 630 square foot one bedroom asking $375,000 to a 1300 square foot Three bedroom 2 bath home asking just under $900,000.

Recent sales data: Apt 11A, a 1300 square foot three bedroom two bath just sold for $840,000. A 775 square foot one bedroom recently sold for $498,000 and a 625 square foot one bbedroom recently sold for $417,000.

  Harlem may be the neighborhood you are looking for.

Harlem is a location with history, spirit, culture and affordability. Even with all the new construction in Harlem it hasn't lost its old historic flavor. There are still many prewar buildings and beautiful 19th century townhouses featuring fireplaces and molding and lovely backyards.

Harlem is home to Columbia University and the world renowned Apollo Theater where such greats as Duke Ellington, Ella Fitzgerald, Count Basie, and Aretha Franklin performed. One of the area's most notable attractions is the Cathedral of St. John the Divine. This awesome Episcopal cathedral, on 112th Street near Columbia University, is exceptional in its melding of Gothic, Byzantine and Romanesque architecture. More and more businesses are flocking in to meet the needs of this resurrected neighborhood.

So take the A train up to Harlem and enjoy the rich history and affordable housing!
(Duke Ellington and Ella Fitzgerald - Take the "A" Train)

 

Please contact me if you are thinking about buying or selling a Harlem condo, coop or townhouse.

Click here to receive Harlem apartment and townhouse listings.

 

Manhattan Neighborhood Market Reports:

 

Call Mitchell Hall 917-312-0924

 

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Show All Comments
Rainmaker
897,300
Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

Harlem with $4m condos.  Who knew. 

Oct 01, 2011 03:52 PM #1
Rainmaker
511,016
Mitchell J Hall
The Corcoran Group - Manhattan, NY
Lic Associate RE Broker - Manhattan, NYC

Hi Jane, I knew. LOL! I've been selling in Harlem for 10 years. There are still many affordable homes in Harlem. The views from Central Park North are actually more stunning than views from Fifth Avenue, Central Park West and Central Park South because you're facing south, you're looking downtown, you not only have breathtaking Central Park views but you see the skyline east and west and south, beyond the Chrysler and Empire State building.

Oct 01, 2011 04:38 PM #2
Ambassador
782,346
Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise in NE Philadelphia & Bucks County

Mitchell  What a fascinating post .See you learn something new everyday .Business seems to be booming in NYC

Oct 01, 2011 09:11 PM #3
Rainmaker
404,882
Ellen Caruso
Daniel Gale Sotheby's International Realty - Glen Head, NY

Mitchell, great tutorial on Harlem, as of a conversation today the only thing my daughter could say about Harlem is "thats where Columbia University is!"

Oct 01, 2011 09:22 PM #4
Rainmaker
511,016
Mitchell J Hall
The Corcoran Group - Manhattan, NY
Lic Associate RE Broker - Manhattan, NYC

Hi Hannah, Thank you. Business is stable. Monday I will have the Third Quarter 2011 Manhattan Market data.

Hi Eilen, It's good your daughter is interested in Ivy League schools ,-)  Columbia is expanding in Harlem too. The current campus is in Morningside Heights but they have a 25 year expansion plan for a new campus in the Manhattanville West Harlem neighborhood.

Oct 01, 2011 10:14 PM #5
Rainmaker
682,187
Ruthmarie Hicks
Keller Williams NY Realty - 120 Bloomingdale Road #101, White Plains NY 10605 - White Plains, NY

Hi Mitchell - I worked at Presbyterian hospital for about 4 years....This brings back memories.  Looking forward to your market reports.   Manhattan and Westchester are linked - for good or ill.

Oct 01, 2011 11:38 PM #6
Rainmaker
307,627
Maggie Dokic
Special Miami Homes - Miami, FL
CDPE, SFR, Pinecrest | Palmetto Bay |

Mitchell, what an informative post.  I had no idea there was an "old" Harlem.  Keep up the great work you do for your Manhattan buyers and sellers!

Oct 02, 2011 06:56 AM #7
Rainer
86,496
Sep Niakan
HB Roswell Realty - Miami, FL

Mitchell, great market report. Thank you for sharing.

Oct 06, 2011 11:05 AM #8
Show All Comments
Rainmaker
511,016

Mitchell J Hall

Lic Associate RE Broker - Manhattan, NYC
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