Also remember that as of July, there will no longer be tax abatements on new condo developments ...and the monthly cost of home ownership for condos will be as much higher for new condos being built.
Columbia University has ambitious plans to expand the campus from Morningside Heights to include 18 acres from 129th St. to 133rd Street in the Manhattanville section of West Harlem. The expansion plan will take 25 years with phase 1 to be completed by 2015.
Harlem has shown significant growth in the last several years. While in the short term prices might stay flat or decline the new rezoning is designed to encourage the development of a regional business corridor by stimulating new investment. It will be a good long term investment. Harlem today is what the Upper West Side was like 20 years ago.