A recent Metro NYC article pointed out some amazing statistics coming from StreetEasy.com’s research department. While prices in Manhattan have remained steady over the past year, Central Harlem has seen a jump in prices of 6.6%. This is the highest increase than any other neighborhood in the city, according to the report. Most development in Harlem is restricted due to height limitations throughout the neighborhood, so housing stock has decreased in Harlem 17.7% in the past year. This of coruse helps to increase the prices as demand get pent-up.
In related news, the single-family brownstone at at 351 West 120th Street had a record sale of $2,750,000. The house belonged to Oscar winner Marcia Gay Harden for over 10 years where she raised her family. By the way, Ms. Harden bought the house in 2002 for $1,125,000. Not bad for 10 years, wouldn’t you say?
What do these two bits of information tell us? That Harlem is the future of Manhattan real estate and the time is NOW to get property before you are priced out.
Here is a photo of the recent record sale mentioned above: