As the weather heats up, so does Harlem real estate
Since Q1 2011, Harlem — particularly Central Harlem — has seen a 6.6% increase in median closing price — according to StreetEasy.com. This is the highest of any neighborhood in the city. Of note is One Museum Mile with condos above the Museum for African Art at 1280 Fifth Ave. Some units have been selling for as much as $3.1 million! A few blocks away is 1214 Fifth Ave — boasting as the tallest residential building on Manhattan’s Upper East Side with 50 floors (of which 30 are designated for rentals) and the amenities of a luxury condo such as a pool, fitness center and a screening room. As parts of Central Harlem is becoming akin to its sexy neighbor — Upper East Side, we’ll want to keep a sharp eye on this neighborhood.

Meanwhile, summer tourists heat up Manhattan’s retail sector
While New Yorkers flock to the Hamptons for the summer, tourists from around the world are flocking to New York City and driving a retail spending surge in the Big Apple — which in turn is boosting the retail real estate industry, as reported by the Wall Street Journal. Retail sales have increased by 42% since 2007, and a total of $52.4 billion is expected to pour into the cash registers of clothing stores, electronic shops and other outlets by the end of 2012. Since the recession, the retail sector has become an important source of revenue for brokerages. Retail surge in Manhattan is not just good news for the local real estate market but also for the average New Yorker.