Macy's in Harlem

As the Real Estate market drops around the country there is one place that the commercial real estate market seems to be booming...Harlem. According to the Real Estate Board of New York the average price per square foot in Harlem is $107, an increase from $103 per sq ft last year. This is still below the $113/sq ft in the Bronx and far below the $300 average price per sq. ft in some areas of Manhattan.

One company that is taking note of this is Macy's Inc. The Herald Square store has a huge amount of Harlem residents that travel south to shop at Macy's and it would make sense to have a Macy's in Harlem. Sources at Macy's have declined to comment on whether or not they've looked at Harlem as a possible option, but it would be a great way to solidify the Macy's Inc anchor on the island of Manhattan with the Bloomingdales store in Soho.

If Macy's is not interested in Harlem other retailers should take note. Harlem is now the place for cool, hip tastemakers that like the urban setting as the backdrop for their lifestyle. So much so the West Side side of Harlem is now being labeled the next Meatpacking District.

For those retailers that are taking note there is a 31,000 sq ft lot on 125th and Lenox. Saks 5th Ave...Saks Lenox Ave, has a certain ring to it.