Why I like Harlem
The neighborhood has beautiful tree-lined streets with gracious brownstones that resonate with the history of NYC. Historic landmarks like the Apollo Theater and many churches continue to enrich the culture in the area. It has some of the best Parks in the City including Marcus Garvey Park, St. Nicolas Park, and Central Park nearby. The neighborhood also has close access to some great schools like Columbia University and City College of New York.
Major retail corridors along W 116 and W 125 streets are the “main” streets for the neighborhood. Nine subway lines, Metro North Railway and numerous bus options all make the area really convenient to access. And I will not forget so many soul food places, Amy Ruth’s on the W. 116th Street being one of my all-time favorites!
I always ask people when was the last time they visited Harlem. If you have not done so lately, I encourage you to go and take a walk. It’s worth the time!
From a business perspective, the rents and condo/townhouse sales have been consistently moving higher in recent years across NYC. Because of historic reasons, deals in Harlem have not made highlines like those in other parts of the City. As a result, some deal valuation presents an arbitrage opportunity where pricing under-represents the potential income the property might generate in such a vibrant neighborhood.
As discussed in my 5-part series of Small lot development, real estate development in NYC is tough. There are always someone else chasing the same deals as you do. Harlem is one of those areas developers might still find deals that make sense. You probably won’t make a landslide but some nice profit to say the least!
Here is a summary of estimated returns for eight developments in the neighborhood. Find out more details on each development from Small lot development - Part 5 Case Studies.
From a business perspective, the rents and condo/townhouse sales have been consistently moving higher in recent years across NYC. Because of historic reasons, deals in Harlem have not made highlines like those in other parts of the City. As a result, some deal valuation presents an arbitrage opportunity where pricing under-represents the potential income the property might generate in such a vibrant neighborhood.
As discussed in my 5-part series of Small lot development, real estate development in NYC is tough. There are always someone else chasing the same deals as you do. Harlem is one of those areas developers might still find deals that make sense. You probably won’t make a landslide but some nice profit to say the least!
Here is a summary of estimated returns for eight developments in the neighborhood. Find out more details on each development from Small lot development - Part 5 Case Studies.
*under construction
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