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Rezoned East Harlem Parcel Comes to Market
Ariel Property Advisors has been retained to sell an East Harlem development site. The 25.67’ by 100’ site at 2154 Third Ave., which was rezoned in 2017, has an asking price of $4.65 million.
The rezoning means an FAR of 9.00, providing approximately 23,103 buildable square feet as-of-right for a mixed-use development. Although the site is subject to a Mandatory Inclusionary Housing zoning provision, developers may be able to satisfy the affordable requirement by paying into an Affordable Housing Fund, since the project would be under 25,000 square feet.
Ariel’s Michael A. Tortorici, Marko Agbaba, Victor Sozio, Matthew Lev and Matthew L. Gillis are representing the owner, a private investor.
East Harlem pricing is rapidly appreciating, according to Ariel research. The submarket had the highest price per unit and per square foot of any Northern Manhattan submarket for multifamily trades in the second quarter.
For comments, questions or concerns, please contact Paul Bubny
- ◦Development
- ◦Sale/Acquisition
