Cushman & Wakefield Sells Newly-Constructed Elevator Building in East Harlem
A mixed-use building at 2147 Second Avenue, located between East 110th and East 111th Streets in the Manhattan’s East Harlem neighborhood, was sold in an all-cash transaction valued at $7,500,000.
The nine-story elevator-serviced building contains approximately 16,128 square feet and sits on a 25.25’ x 100’ lot. Newly-constructed, it consists of approximately 1,950 square feet of commercial space on the ground floor and 16 residential units on the second through ninth floors. The property benefits from a 421a tax exemption and it was delivered vacant. The sale price equates to approximately $465 per square foot.
This property is located in the heart of the vibrant East Harlem community within walking distance of Central Park as well as the East River Plaza, Northern Manhattan’s premier shopping destination. Public transportation is easily accessible via the 6 subway line stop at East 110th Street and Lexington Avenue. The Second Avenue subway, when completed, will include stops at 106th and 116th Streets and transform Manhattan’s east side.
“The East Harlem investment sales market continues to strengthen as investors take a closer look at the neighborhood while values elsewhere are triple the cost,” said Cushman & Wakefield’s Lev Kimyagarov, who exclusively represented the seller in this transaction. The buyer was represented by Edmond Levy of Cornerstone Real Estate Investments.