Harlem Real Estate Balloon
In Harlem and East Harlem, the price per foot increased 340 percent, from $145 a foot to $639.
The above quote was pulled from the NYO Real Estate section concerning the overall increase in real estate prices in Manhattan. It comes as no surprise that Harlem has seen the highest increase in price per foot of all the neighborhoods in Manhattan. Although some Harlem prices are still lower than other neighborhoods in the city, the property itself is still over 300% per foot higher than it was in 1997. But then, we pretty much already knew that just from observing the market. Is it overinflated or simply putting values on par with the rest of the city? Chime in.
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