There are a lot of factors that real estate developers and buyers need to take into consideration when making investments for their next projects. There is an art to finding the right neighborhood at the opportune time. Sometimes all of the tell-tale signs of an up and coming area are there, but the neighborhood just doesn’t experience the boom everyone was expecting. More often than not though, the signs of the perfect neighborhoods are the ones along the subway lines to Manhattan or offer waterfront property.
There are a few neighborhoods right now that show incredible promise of being a real estate jackpot:
Spanish Harlem (East Harlem)
There are very few areas left in Manhattan that can offer real estate professionals the opportunity truly do something special and unique in terms of development and investment. Most neighborhoods on the main island have already been priced out and developed (and developed some more). But, Spanish Harlem (located east of Fifth Avenue, between 96th street and the mid 140s) is not one of them.
Spanish Harlem, or El Barrio, as it is affectionately called by some, is an area of Manhattan that has a wealth of [public] transportation options, and is very promising to developers, buyers, and renters alike who are aiming to stay in Manhattan. The property that is openly available for purchase is surprisingly well priced, with several even selling under the million dollar mark. The rental yields in East Harlem also great right now. With a $1 million cash investment on one and two bedroom co-ops, landlords are making an average of $34,075 a year on their property.
But that won’t last forever, as there are already development stirrings taking place and luxury apartment complexes going up. The restaurants, coffee shops, and supermarkets are already moving in, and they are showing no signs of slowing down. Right now is the time for both commercial and residential buyers to start considering East Harlem; it’s transition to “it” neighborhood is eminent.
It’s no surprise that a Brooklyn neighborhood would be featured. Those interested in New York real estate have been working their way through Brooklyn for years. As neighborhood after neighborhood flourishes (quickly these days), there’s a constant search for the next great neighborhood. Flatbush is that place.
Flatbush has a beautiful mix of row houses, stand-alone houses, and co-op apartments, so there’s something for everyone. Even more appealing are the prices of property. In 2015, the median sales price of property was $330,000, making it a great area for all buyers.
Flatbush has an extremely diverse population and is in close proximity to Brooklyn College, so the neighborhood is a fun and interesting space. Flatbush also already houses a recently renovated theatre, and Target has already established itself in the area, so Flatbush has a great deal to offer new buyers and developers.
The real estate market in New York will never stop shifting and evolving. It will be interesting to see what this same blog would look like at this time next year.
To see the article that inspired this post, click here.
Header Image via Payton Chung on Flickr