Three years ago, skyrocketing home prices positioned Harlem as the next great, overpriced, overhyped New York real estate market. Costs for new condominiums increased to $1,000 per square foot as far north as 145th St., threatening to radically change uptown culture and population. Long-time residents feared gentrification and not being able to afford to live where their family had lived for generations.
Then came the real estate crash of 2009. Construction stopped, and shells of buildings stayed untouched for more than a year. New buyers finally became more concerned with current price than resale value or making a quick buck on a flip. (Keep reading)