Real estate is finally picking up again in Harlem—so we ventured to uptown to visit with Giscombe Realty Group (which manages over 500k SF in the neighborhood) to find out where the action is.
Founder Eugene Giscombe tells us that there’s an uptick in Midtown retailers venturing north, from smaller businesses like florists and dog groomers to national retailers like M.A.C. Cosmetics, which took space at 202 W 125th, and H&M, which settled at 125 W 125th St. “The haberdashers that have been here for 20 years are now being replaced by a different kind of retailer,” he says. Where there were once only three banks, there are now 19. The retailers are realizing that Harlem is part of Manhattan, he points out. Of course, there are significant discounts: instead of paying $200 to $300/SF downtown, Harlem offers $100 to $110/SF retail rents.
Read more of what’s hot in Harlem at BisNow.