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    AI-Generated Neighborhood Summary

    Location and Demographics

    355 E 116th St is located in East Harlem, also known as Spanish Harlem or El Barrio, in Manhattan, New York City. This vibrant neighborhood has a rich cultural history and is known for its diverse community. The area's population is predominantly Hispanic, with a mix of other ethnicities contributing to the cultural tapestry.

    Crime Rate and Education

    East Harlem has experienced fluctuations in crime rates, but efforts have been made to improve safety over the years. It's advisable to check the latest statistics from local sources or NYPD reports for the most accurate information. The neighborhood is served by Community School District 4, which includes a mix of public, charter, and private schools. School ratings can vary, so researching individual schools would be beneficial.

    Amenities and Economic Information

    East Harlem offers a variety of amenities, including grocery stores, local eateries, community parks like Thomas Jefferson Park, and cultural institutions such as the Museum of the City of New York. The neighborhood is well-connected by public transportation, making it convenient to access other parts of Manhattan. The area has been undergoing gentrification, with new businesses and housing developments springing up. The average household income in East Harlem may be lower compared to other Manhattan neighborhoods, but nearby districts like the Upper East Side have significantly higher average incomes. While detailed job growth statistics are not immediately available, the area's proximity to Manhattan's business hubs generally offers diverse employment opportunities within commuting distance.

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    StreetView
    Neighborhood Insights
    Key metrics about this location

    Neighborhood Summary

    In assessing this distinctive neighborhood, potential homebuyers and real estate professionals will find a community that presents a unique blend of economic and social characteristics. The median home price of $2,000,001 stands remarkably high, far surpassing the national average, and positions the area within a truly premium market segment. This price point indicates a locality poised within an exclusive niche, often appealing to buyers seeking investment opportunities in upscale areas. However, juxtaposed against the median household income of $42,272, significantly lower than the national median, there exists a stark disparity that could suggest an economic imbalance or a community in transition. Coupled with the fact that 30% of residents live under the poverty line, this provides an interesting snapshot of a neighborhood where high property values do not necessarily equate to broad-based affluence.

    The housing dynamics further add layers to this complexity. With an overwhelming 79% of residents renting their homes and only 4% owning, it becomes apparent that the majority of the population may experience volatility, potentially driven by economic constraints. The high percentage of vacant housing units—17% compared to a national average closer to 10%—further underscores potential instability or transformation within the area. Yet, with an unemployment rate of just 1%, this neighborhood showcases remarkable job availability, which suggests that employment is not the primary economic challenge for residents. It raises possibilities that the employment available may not align with the income needed to accommodate the high living costs.

    When it comes to education levels, only 22% of residents possess a college degree, lower than the national average. This figure, along with the notable presence of non-US citizens at 22%, paints a picture of a diverse community ripe with multicultural influences. Despite having a marriage rate of 15% for families, lower than average, the high percentage of homeowners without mortgages at 89% suggests financial prudence among the few who own property. This could indicate long-term investment stability for those select homeowners, providing a counterbalance to broader economic concerns.

    Real estate professionals seeking alternatives for clients may consider neighborhoods with similar median home prices that offer more favorable metrics in terms of income and education. These areas might offer a more balanced economic environment, attracting potential buyers who value both property investment and a community with more typical socio-economic indicators. In conclusion, while this neighborhood presents unique challenges and opportunities, potential investors and homebuyers should weigh these factors carefully, considering whether the blend of exclusivity and economic contradiction aligns with their investment goals and lifestyle expectations.

    Median Home Price

    $2,000,001

    Walk Score

    -

    Bike Score

    -

    Median Household Income

    $42,272
    Nat'l Avg: $69,021

    Percent Under Poverty

    30%
    Nat'l Avg: 12%

    Median Contract Rent

    $1,445
    Nat'l Avg: $988

    Owners vs Renters

    4% / 79%
    Nat'l Avg: 57% / 31%

    Vacant Housing Units

    17%
    Nat'l Avg: 11%

    Unemployment Rate

    1%
    Nat'l Avg: 3%

    College Degree

    22%
    Nat'l Avg: 21%

    Dominant Race

    Other
    Nat'l Avg: 68%

    Married-Couple Families

    15%
    Nat'l Avg: 48%

    Owners Without Morgages

    89%
    Nat'l Avg: 38%

    Mortgage ≥ 30% Income

    0%
    Nat'l Avg: 27%

    Rent ≥ 30% Income

    N/A
    Nat'l Avg: 46%

    Non-US Citizens

    22%
    Nat'l Avg: 7%
    Location Map
    Overview of the neighborhood
    Nearby Places
    Essential locations and points of interest in the area

    Thomas Jefferson Park

    park

    Mount Sinai Hospital

    hospital

    Fine Fare Supermarket

    grocery store

    El Paso Taqueria

    restaurant

    Blink Fitness

    gym

    LaGuardia Airport

    international airport

    P.S. 102 Jacques Cartier

    school

    Central Park

    main attraction

    Neighborhood Assessment
    Key advantages and considerations for this area

    Dynamic Insights

    The property at 355 E 116th St, built in 1900 and renovated in 2010, comprises a four-story mixed-use building with three residential units and a commercial space.
    The property was sold for $1,570,534 in April 2009 and for $2,655,000 in November 2023, indicating a 69% increase in value over 14 years.
    The assessed market value of the property increased from $1,016,000 in 2023 to $1,094,000 in 2024, reflecting a 7.7% rise.
    The property is located in East Harlem, a neighborhood that has experienced significant development and gentrification over the past two decades, contributing to rising property values. These insights highlight the property's appreciation and the area's ongoing development.

    Custom Narratives

    East Harlem's median household income is $36,930, approximately 52% lower than the citywide median of $77,550.
    The neighborhood has a diverse population, with 45.6% identifying as Hispanic, 29.9% as Black, 10.8% as White, and 8.9% as Asian.
    East Harlem is known for its rich cultural history, being the birthplace of salsa music and home to iconic eateries like Rao's and Patsy's Pizzeria.
    The area boasts excellent walkability and transit access, with a Walk Score of 95 and a Transit Score of 100, making it highly convenient for residents. These insights highlight East Harlem's economic challenges, cultural diversity, rich heritage, and exceptional urban connectivity.

    Green Flags

    Proximity to public transportation
    Access to diverse dining options
    Vibrant cultural scene nearby
    Close to parks and recreational areas

    Red Flags

    Noise from busy streets
    Limited parking availability
    Higher cost of living
    Potential for crowded public spaces
    Flood Risk Assessment
    FEMA flood zone information and historical flooding data

    Flood Zone

    Flood zone information is not available for this property at this time.

    Historical Flooding

    Historical flood damage records are not available for this property.

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