Good outlook for East Harlem

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Good outlook for East Harlem

Harlem has been undergoing a transformation but much of that has been focused westward while East Harlem’s remaking has been more anticipated than achieved. With the arrival of Second Avenue subway to the south and a brand new Whole Foods to the west, change is amiss in East Harlem.

In fact, there are already several large residential projects awaiting a green light and a 88-block rezoning that would allow for 30-story towers along Park, Lexington and Third Avenues is slated to begin the approval process this spring. And according to Corcoran Sunshine Marketing Group, 4,282 new condos are set to hit the market this year, double the number last year, and roughly 60 percent are luxury units priced at $2,400 per square foot or more.

One notable project under construction is Gotham East, an 11-story rental building at 149 East 125th Street that is slated for completion in 2018. Of the 233 units, 20 percent will be priced below market rate.