It's still mostly commercial, but the developers are starting to see dollar signs with the hipster overflow. They won't knock those buildings down, though. Too much work, and it's not really necessary anyway. They'll just bribe the real estate lobby to rezone the properties, and they'll convert them into lofts. It's already happening.
I have a friend of mine from college who lives in Harlem and could be considered a hipster. However, she is also highly involved in local preservation projects and is part of what seems to be a growing clique of young people concerned with preserving historic areas of the city, rather than demolishing them and building something else.
She also got evicted from her apartment a few months ago because the place didn't have a fire escape! In the 21st century! A few thousand dollars worth of fines for the landlord later and the place now has their fire escapes.
