Emerging neighborhoods hobble back to life

While neighborhoods that had once been considered emerging markets — Harlem, Long Island City and Williamsburg — took a beating in the recession, some insiders say that they’re becoming tepidly optimistic that things are turning around. “We’re seeing some encouraging signs of stabilization,” Jonathan Miller, appraiser and president of Miller Samuel, said. Even so, he added, “it’s too early to say the worst is over in the emerging neighborhoods.” Harlem, for instance, had five stalled developments last year, while Long Island City was saddled with seven. Williamsburg, meanwhile, has seen slashed prices across the board — in some cases by 33 percent or more — as developers and brokers try to unload pent up inventory.