The real estate market in Harlem is booming! Every nook and cranny is being filled and developed. However, there are still a few undeveloped vacant lots, which brings us to the One45 project that received quite a bit of pushback from the community due to the tourist element the museum would have brought and several unresolved issues that weren’t properly addressed, including affordability concerns.
Currently, part of the property is serving as a parking lot for trucks, vans, and other commercial vehicles, and we’ve learned if the project is developed, the museum is no longer a part of the plan and more affordable housing will be added.
“Affordable” is a tricky word when it comes to housing and monthly rent rates. Statistics show the average rent in Manhattan is approximately $4,614 per month. Unfortunately, more people are unable to afford the rent and must acquire roommates. There are two factors that drive cost – supply and demand.
Our Harlem population is growing and becoming more diverse. Change is inevitable, but where do we see ourselves? Esplanade Gardens is a Cooperative and as a collective, all shareholders have a responsibility to pay their monthly maintenance on time and in full. Whenever we neglect to uphold our financial obligations, it has an adverse effect on all of us. Our monthly maintenance must be able to cover the operating costs for the entire development. If we are unwilling to keep our property in good repair and handle our financial responsibilities, an outside entity can and will step in and adjust our monthly maintenance payments as they see fit.
Although people living in public housing owned by New York City Housing Authority (NYCHA) may have felt safe and comfortable, some housing projects are being leased to private real estate developers.
There is a single project building located at 2850 8th Avenue (Frederick Douglass Blvd.) that was recently leased to a private developer. It’s said that the tenants may be relocated while the building undergoes major renovations which will include the façade being completely redone.
The renovation renderings are so drastic it almost looks like a new building. Over the past several years residents have been relocated during renovations in NYCHA buildings but were not permitted back into their homes; they were permanently relocated to other NYCHA buildings.
There is a massive real estate movement throughout the city. Look around; there are new buildings going up everywhere. Let’s not treat our home like trash when it’s truly a treasure.
Originally published in EG Gazette 2023 Summer Edition.
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