Since 1990, the Harlem neighborhood has seen the construction of about 4,500 condominiums with the majority of the condo's having been built since 2000. There has also been a surge in the development of office, hotel and retail locations.

A recent study by the appraisal firm Miller Samuels showed that the average price per foo rose 39.5% between 2005 and 2006 for Central and East Harlem condominiums. This is the biggest increase for a Manhattan neighborhood.

Shimon Shkury, the managing partner at Massey Knakal Realty Services, states " New York's condominium market continues to be cited as the exception to the rule in terms of national housing markets. Many renters found market rate rent increases so substantial that their preference in the 'A rent-or-buy dilemma' quickly changed to buy."

Read full article at: The New York Sun