To the surprise of many, people from around the world want to own real estate in Harlem. The founder and chairman of Webb & Brooker, Eugene Webb, moved to Harlem from Alabama 40 years ago and established one of the prominent brokerage firms in the neighborhood. When I asked Mr. Webb why he decided to open his company in Harlem, he said, “Manhattan Island is shaped in the form of a fish. The head of the fish is Lower Manhattan. The tail of the fish is Upper Manhattan, but the sweetest and best part of the fish is the belly of the fish, and the belly of the fish is Harlem.” Over the past few years, seasoned real estate professionals are agreeing with Mr. Webb and are investing in Harlem.

In the 1940s, Metropolitan Life Insurance Company built major residential rental developments in New York City. The projects included Parkchester in the Bronx, Stuyvesant Town and Peter Cooper Villages on the East Side, and the 1,200-unit market-rate rental complex Riverton Houses in Harlem. The complex stretches from 135th Street to 138th Street and from Madison Avenue to Fifth Avenue. Last week, it became public that Stellar Management will pay about $135 million for the development. In June 2003, Stellar purchased the 1,340-unit Mitchell Lama afford able rental housing development in TriBeCa, Independence Plaza North, and converted it into condominiums.

The Cotton Club and Savoy Ballroom were the most famous nightclubs in the 1920s and 1930s. The original Cotton Club, at 644 Malcolm X Blvd. on the corner of 142nd Street, closed in 1936. The site of the original club and the Savoy Ballroom were demolished in 1958 for the construction of the 7 building, a 1,800-unit rental apartment complex called Bethune Towers/ Delano Village. The buildings stretch along Lenox Avenue, also known as Malcolm X Boulevard, from 139th Street to 142nd Street. According to industry sources, Cushman & Wakefield was retained last week to sell the buildings, which may fetch $160 million.

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Demolition is nearly completed at the abandoned Washburn Wire factory in East Harlem. Last year, Bruce Ratner’s Forest City Ratner Companies acquired an interest from Canyon Capital Realty Advisors to develop the site in a joint venture with Blumenfeld Development Corporation. The project, called East River Plaza, is located at FDR Drive between 116th and 119th streets. The City Planning Commission approved the application for the plan for the redevelopment in September 1999, for a facility that will provide about 480,000 square feet of retail space, which will house the third Home Depot in Manhattan, the first Costco Warehouse store, and about 1,250 parking spaces.

The Upper Manhattan Empowerment Zone Development Corporation has aided in the redevelopment of Harlem. The mission of the corporation is to sustain the economic revitalization of all communities of Upper Manhattan through job creation, corporate alliances, strategic investment, and small business assistance. Last month, the corporation awarded a loan of $1.45 million to Umanoff & Parsons, an award winning wholesale baker that will move and expand its operations from TriBeCa to East Harlem. The new site will be at 121st Street and Park Avenue. The 24,000-square-foot building will include 14,600 square feet for the bakery and leaseable office and retail space.

In June, Harlem’s Strivers Garden held a ribbon cutting ceremony at a mixed-use residential retail and office building at Frederick Douglas Boulevard between 134th and 135th streets. The development corporation provided a $2 million loan to finance the building’s office and retail component. The building has a total of 70 residential condominiums and about 37,000 square feet of retail and office space, with tenants including Duane Reade and JP Morgan Chase. In March, the corporation awarded a $4.7 million loan to Touro College, which will use the money to build a 50,000-square-foot campus on West 125th Street. The school will be in the building that housed Blumstein’s Department Store, an 80-year-old fixture in Harlem until it closed in 1978. The property has been vacant for more than 20 years.

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Construction is nearly complete on the first phase of development of the East Harlem Auto Mall. In March 2004, General Motors issued $17 million in tax-exempt Upper Manhattan Empowerment Zone bonds through the NYC Industrial Development Agency for the mall. General Motors is developing the site for Chevrolet and Saturn dealerships along with Potamkin Auto Group of New York. The mall occupies an area just smaller than the size of a city block at 127th and 128th streets between Second and Third avenues.

The New York College of Podiatric Medicine is the nation’s oldest and largest college of podiatric medicine and has been located on 125th Street and Park Avenue in Harlem. In January 2002, the college leased its 53,000-square-foot parking lot to Majic Development, which plans to develop a mixed-use development named Harlem Park. A second ceremonial groundbreaking was held in February 2005 for the 570,000-square-foot mixed-use tower. When completed, the development will include a 222-unit Marriott Courtyard, retail space, and 15 floors of commercial office space, residential housing, and underground parking.

Later this year, a developer is expected to be picked for the mixed-use redevelopment of the former home of the Loews Victoria movie theater at 233 W. 125th St., next to the famed Apollo Theater. According to industry sources, three prominent groups are the finalists for a mixed-use hotel with residential, entertainment, and retail space.

In June, the gourmet grocery shop Citarella opened a 5,000-square-foot retail store on 125th Street. Later this year, the first residents will move into the luxury rental apartments, above the legendary Rao’s Italian restaurant in East Harlem. A total of 22 units, with rents ranging from $2,000 to $6,000 a month, will be available at the residential complex named “Rao’s City Views.”

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Over the past few years, a number of major developments have shaped Harlem. The Upper Manhattan Empowerment Zone and the Abyssinian Development Corporation provided aid for many of the projects. The first projects were finished in 1999, including the 50,000-square-foot Pathmark Supermarket at 125th Street and Lexington Avenue. It was the first new commercial retail development in the neighborhood in more than 30 years. In December 1999, the 285,000-squarefoot Harlem USA, at West 125th Street and Frederick Douglass Boulevard, was completed. Urban Strategic Partners, a joint venture of private developers Grid Properties and the Gotham Organization, developed it. Its tenants include a Magic Johnson multiplex theater, Modell’s, the New York Sports Club, Commerce Bank, and Old Navy. The 300,000-square-foot mixed-use office and retail complex, Harlem Center, at 125th Street and Malcolm X Boulevard has retailers including H&M, Marshall’s, and CVS. Blumenfeld Development’s Gotham Plaza on 125th Street at Lexington Avenue – housing the Department of Motor Vehicles, a parking lot managed by Champion Parking, and retailers including Bank of America, Rockaway Bedding, and a Children’s Place – is another major development.

More than 500 market-rate residential condominiums are in different stages of construction in Harlem. Prices for developable land have risen by more than 300% and are now selling for more than $125 a square foot. In the 1920s, visitors spent a few hours at the Cotton and Savoy Club. Today, it looks like many people want to spend more time and money to shop and live in the unique Harlem neighborhood.

Mr. Stoler is a television broadcaster and vice president at First American Title Insurance Company of New York. He can be reached at mstoler@firstam.com.