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| 07/12/2024 In this issue of MarketRent™ powered by Clarendon, we spotlight Harlem, a vibrant and culturally rich neighborhood in northern Manhattan that has long been a hub for creativity, diversity, and community. Known for its iconic brownstones and tree-lined streets, Harlem is experiencing a resurgence, drawing residents and investors. Central Harlem, from 110th to 155th Street, is at the heart of this transformation, with new residential and commercial projects revitalizing the area. With excellent transportation links and growing amenities, Harlem is now a prime location for real estate development. We also share a variety of data tools and visualizations to help you understand the connection between walkability rental prices and development in Central Harlem. |
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| FEATURED Beyond Brownstones: Central Harlem's Multifamily Growth |
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| Harlem, a culturally rich neighborhood in northern Manhattan, has a century-long history as a hub for creativity, diversity, and community. Known for its iconic brownstones and tree-lined streets, Harlem has experienced a recent resurgence, attracting residents and investors. Central Harlem, spanning from 110th to 155th Street, has seen significant growth, becoming a focal point for new residential and commercial projects. Landmarks like the Apollo Theater and the Studio Museum in Harlem contribute to its unique character. In the last five years, multifamily developments have met the growing housing demand, appealing to a mix of residents. These developments not only provide housing but also contribute to economic growth and neighborhood revitalization, with new restaurants, shops, and entertainment venues enhancing the area’s appeal. Read more and also explore recent development in the area. |
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| INSIGHTS Walkability's Growing Influence on Upper Manhattan’s Rental Rates |
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| Photograph by Ajay Suresh |
| Central Harlem, a sought-after Manhattan neighborhood, boasts walkability. Renters now prioritize daily amenities within walking distance, envisioning cafes instead of bodegas and leisurely bookstore strolls. This lifestyle fosters community, promotes health, and appeals to those seeking a vibrant, pedestrian-friendly environment. Landlords recognize this trend, and apartments with easy access to shops command higher rates. If you crave a doorstep-to-commute lifestyle, Central Harlem awaits! |
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| DATA Discovering Convenience: The Appeal of Walkable Neighborhoods in Upper Manhattan |
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| Central Harlem is emerging as a prime example of this shift, offering a walkable lifestyle with amenities like independent bookstores, cafes, and local shops. Historically, areas like SoHo and Tribeca have been known for their walkable luxury, but Central Harlem now offers a comparable experience with the added benefits of a strong sense of community and potentially lower rents. This trend reflects a broader change in renter preferences across the city, with Central Harlem poised to become a leading destination for those seeking a pedestrian-friendly and vibrant neighborhood. |
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| All content is provided herein “as is” and neither Clarendon Valuation Advisors, LLC (“the Company”) nor its affiliated or related entities, nor any person involved in the creation, production and distribution of the content make any warranties, express or implied. The Company does not make any representations regarding the reliability, usefulness, completeness, accuracy, currency nor represent that use of any information provided herein would not infringe on other third party rights. The Company shall not be liable for any direct, indirect or consequential damages to the reader or a third party arising from the use of the information contained herein . © Copyright MarketRent™ | Clarendon. All Rights Reserved. |
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