Red Lobster is planning another New York City location in Harlem, next door to the historic Apollo Theater. The chain already has restaurants in highly trafficked areas such as Times Square and Atlantic Terminal. Signage is already up along the quickly gentrification 125th Street corridor. Plans call for a THREE story restaurant set to open November 11th of this year. Red Lobster is just one of many large retailers taking over the formerly downtrodden neighborhood.
Revamping the 125th Street corridor has been a leading force in the drastic changes seen in Harlem. For the first time in almost a century, the neighborhood is no longer primarily black. The New York Times reported the decline of black culture in the neighborhood as a steady stream of young professional move in. Rents have risen seen more than a 10% increase in housing prices over the past year alone (MNS). As other neighborhoods continue their upward climb, Harlem is becoming more attractive.
The neighborhood will continue to develop and shows promise for those looking to invest. I highly recommend my clients look into Harlem. “Central Park North” as I will announce in an upcoming article for the Huffington Post, will take a deeper look into the changes taking place. Landlords are seeing higher rates of return in this neighborhood than in any other in Manhattan. If you are looking to buy, check out the changes happening here.
(Photo: New York Daily News)
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