Harlem is hot again, says this article in a recent issue of The New York Sun. Things were already looking up back in 2001, when Bill Clinton put his post-presidential office in Harlem.
Now, as New York City’s economy continues to grow and crime rates across the city get lower and lower, development in the historically black upper Manhattan neighborhood is burgeoning. According to the Sun article:
Blumenfeld Development Group and its joint venture partner Forest City Ratner announced that Target has signed a lease for a 135,000-square-foot mega store. It will serve as an anchor, along with Home Depot, at East River Plaza, a new shopping center located on the site of Washburn Wire factory site (which has been vacant for more than a quarter of a century).
The site consists of six acres adjacent to the FDR and river between 116th and 119th Street. East River Plaza is a multi-level 500,000-square-foot retail project with an attached 1,248-space parking facility spanning three city blocks.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.