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StreetEasy ranks West Harlem as top neighborhood to watch in 2018

StreetEasy, an online real estate marketplace, has named West Harlem as the number one New York City neighborhood to watch in 2018.

This is the first time a Manhattan neighborhood has topped the list since StreetEasy started conducting the annual survey. According to in-house analysts, this is indicative of renters who have moved back to the borough out of frustration due to the faulty subway system.

They also said that West Harlem, in particular, has become attractive due to its investment potential, easy access to the subway and relative affordability.

Although the sales price of homes in the area increased in 2017, the neighborhood is still considered as affordable by Manhattan standards. Based on gathered data, the average sales price in Manhattan is $1,100,000. The amount is $650,000 higher than the average sales price in West Harlem.

“Neighborhoods like West Harlem, Woodside, and Prospect Park South, which have long been outshined by their popular neighbors, are finally taking the spotlight in 2018,” said StreetEasy senior economist Grant Long. “As New Yorkers seek to balance affordability with convenience, these nearby neighborhoods are seeing a surge of interest, growing prices, and an influx of new development.”

To determine the top 10 neighborhoods in the list, StreetEasy analyzed: annual change in median sales and rent price; listing views on its website; and new certificates of occupancy filed with the New York Department of Buildings in 2017.

Other neighborhoods included in the list’s top three are Fort Greene, Brooklyn and Flushing, Queens.

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