Drakeford of Giscombe Realty: Commercial development is vibrant in East and North Harlem

New York, NY Despite the excitement focused on the Far West Side, Downtown and Brooklyn, another underdeveloped area is attracting significant attention, East and North Harlem, according to Holley Drakeford, senior broker at Giscombe Realty Group, which has specialized in Harlem commercial real estate since 1982. Developers, businesses and institutions are closely eying the area which till now primarily attracted non-profits. “There is ample land for ‘build to suits’ and excellent public transportation, restaurants and retail,” said Drakeford. “What office space there is now in Harlem is rising up to $45-$50 a square foot presently.” “The city recently released Request for Proposals (RFPs) for the commercial redevelopment for apartments and commercial space at 2321-2325 Third Ave. off of East 125^th St.,” he said. “We also have 500,000 s/f on Fifth Ave. between 141^st and 142^nd Streets which is being pitched to universities among other users and a $5.5 million development of the 125^th St. Metro North station by the city which will be a great spot for a hotel. “It’s only a matter of time before, no more than three years, before this area of the City will be vibrant and busy with new offices, apartments, retail and hotels,” said Drakeford. More examples from Drakeford include:

• 1825 Park Ave. - Conversion of the Lee Building, former headquarters of Giscombe Realty, sold to Savanna for $48 million for conversion to class A office space
• 450 West 126^th St. - Janus Property Company and Monadnock Construction plan conversion of Taystee “Bread Factory” into 11-story, 300,000 square foot office building
• 2082 Lexington Ave. -  Thorp Properties expected to purchase for $75-million
• 142-196 East 125^th St. - Gary Barnett’s Extell bought the former Pathmark site
• 2306 Third Ave. - Salvation Army plans to convert building at to apartments and Senior Citizen Home
• 126^th St. parking lot in East Harlem - Blumenfield Development Corp will build 260 residential units over the plaza
• 69 East 125^th St. - Greystone Property Developments is building a 12-story building with rental apartments and retail
• 1800 Park Ave. - Durst’s  600,000 s/f parcel for sale
• 81 East 125^th St. - The Corn Exchange Building on the market for office and retail
• 175,000 s/f on Third Ave. between 11^th and 112^th Streets
• 2321-2325 Third Ave. – New York City has a request for proposal to develop a commercial-residential project