125th Street in Harlem has always been an important central hub in uptown Manhattan and today continues to grow as a commercial and residential area. The population surrounding The Corn Exchange has seen a 23% increase since 2010 with a further 7.8% increase forecast for 2014. In 2010 total retail sales was an estimated $268 Million.
An immense amount of pedestrian and vehicular traffic is drawn to the Harlem area. More than 225,000 people pass along 125th St daily while more than 175,000 Metro-North commuters pass through the Metro North - Harlem 125th Station hub each day.
The 125th St 4, 5, 6 Subway Station has an annual ridership of 8.97 million and the 125th St 2, 3 Subway Station has an annual ridership of 4.64 Million.
Office Market (Source: NYCEDC)
Approximately 1.8 million square feet of additional commercial office, hotel, and retail space and approximately 2,600 new housing units are now available since a recent rezoning approval. The Harlem business district will expand eastward as the 6-acre East 125th Street site (between 2nd and 3rd Avenues and 125th and 127th Streets) is redeveloped. The 125th Street Corridor, the central artery of the business district, boasts a bustling retail and entertainment environment alongside a growing commercial office market. Harlem’s Central Business District is considered part of the Upper Manhattan submarket, which consists of 4.8 million square feet of office space.
A wide range of companies and institutions are located in Harlem, including Columbia University, the New York Academy of Medicine, The Clinton Foundation, The New York College of Podiatric Medicine, Hunter College School of Public Health, Verizon Truro College and the Henry J. Carter Specialty Hospital & Nursing Facility.
Retail Market (Source: NYCEDC)
Harlem boasts a large and active arts and cultural community. The area is home to institutions such as the Apollo Theatre, the Harlem School of the Arts, the National Jazz Museum, the National Black Theatre, and the Studio Museum, among others. Recent zoning changes have set the stage for further growth of Harlem’s art and cultural community by providing incentives to create dedicated space for visual or performing arts.
This busy mini-metropolis enjoys excellent access via 10 subway lines, the Metro-North Railroad and numerous bus lines, including the M60 bus to La Guardia Airport. More than 724,000 subway riders and 175,000 Metro-North commuters pass through this hub each day. The area is also connected to the Bronx, Brooklyn and Queens via the Triborough Bridge.
The Corn Exchange is just one of many projects on this stretch of 125th Street that is seeing redevelopment. On the South West corner of Park Avenue and 125th Street (1800 Park Avenue) the Durst Organization is about to build a new 600 unit residential complex. Next to the Corn Exchange Greystone commenced the leasing of 75 new rental apartents at 69 East 125th Street.
On the South West corner of 125th Street and Lenox Avenue Wholefoods has opened along with The Burlington Coat Factory, plus other top retailers.
The city's Economic Development Corporation has commenced eminent domain proceedings for land parcels located on 125th Street between 2nd and 3rd Avenues with the goal of completing a 1.7 Million Square Foot East Harlem Media, Entertainment and Cultural Center.
Waterbridge Capital is also planning to build a 210,000 Square Foot project on the South East corner of Park Avenue and 125th Street comprising more than 100 condominium apartments.
Blumenfeld Development Group plans to develop a 200,000 Square Foot apartment complex on 125th Street between 3rd Avenue and Lexington Avenue.