Developers Are Making Bets on a Rising East Harlem

(The New York Times) Sharon Kahen and his partner Haim Levi are making a multimillion-dollar bet on East Harlem. The developers recently closed on a vacant parcel at 119th Street and Third Avenue where they plan to build a 60-unit market-rate rental building.

“In the next five years, we will invest $75 million to connect East Harlem to the Upper East Side,” said Mr. Kahen, who, along with Mr. Levi, built the CL Tower at 203 East 121st Street in 2011. “We started at 121st Street; now we are doing a project at 119th Street, and we plan to continue moving south.”

Demand from students who attend Hunter College’s newly opened Silberman School of Social Work at 119th Street, along with residents displaced by increasing rents on the Upper East Side, are driving developers to build more housing in East Harlem.

The developer Sharon Kahen at the CL Tower on East 121st Street in Harlem. He and his partner just bought another Harlem parcel, on 119th Street. Credit: Yana Paskova for The New York Times

Source: http://www.nytimes.com/2013/03/20/realesta...