East Harlem Mixed-Use Residential Development Site Overlooking Cherry Hill Playground is on the Market Priced at $6 Million
Eastern Consolidated Tapped to Exclusively Market 1790 and 1792
Third Avenue Between East 99th Street and East 100th Streets
New York, NY – July 20, 2012 – Brand new to the market priced at $6 million is an as-of-right, residential development site, complete with a zoning analysis permitting thefuture development of a 12-story plus basement mixed-use building rising 120 feet in height, including approximately an additional 8,650-square-feet through air rights obtained from adjacent 1788 Third Avenue.
Eastern Consolidated Senior Directors Marcia Rose Yawitz and Adelaide Polsinelli with Senior Financial Analyst Paul Nigido are leading the marketing initiative for the sale of the site, which features 38,750 buildable square-feet.
“The site will be delivered vacant, but currently is occupied by a two-story, 6,500-square-foot commercial building with ground floor retail and office space above,” said Ms. Polsinelli, who added that the property is situated in a burgeoning neighborhood with new significant residential construction in close proximity. “This prime avenue East Harlem location features 50 feet of frontage along Third Avenue, directly overlooks Cherry Hill Playground and is three blocks north of the East 96th Street thoroughfare.”
Located directly across from the M101-M103 Bus Stop on Third Avenue at East 99th Street, the site is surrounded by an overabundance of transportation in the immediate area including the 6 train at 96th Street and 103rd Street. Neighborhood-oriented commercial and retail stores border the area while chain retail stores maintain a strong presence as well, including Payless Shoes, Radio Shack, Rite Aid and Duane Reade. The area’s major retail along Third Avenue around East 116th Street has been enhanced by the opening of The East River Plaza and has increased the values of properties throughout East Harlem as evidenced by new luxury construction throughout the area.
“East Harlem is one of New York City’s most visible inner city communities offering enormous potential as the Upper East Side pushes northward,” said Ms. Yawitz. “Harlem’s favorable demographics, combined with significant public and private investment, have led to a stronger retail market with higher rents and minimal vacancy leading us to anticipate high investor interest.”
For more information about the offering, please contact Ms. Yawitz, Ms. Polsinelli, or Mr. Nigido at Eastern Consolidated’s Midtown headquarters: 212 499-7700.
Founded in 1981, Eastern Consolidated is one of the country’s preeminent full-service real estate investment services firms, combining an unrivaled expertise in the greater New York marketplace with a worldwide roster of institutional and private investor clients. Over the years, it has been responsible for the acquisition, disposition and finance of all types of properties, including office and apartment buildings, lofts, factories, hotels, shopping centers, commercial and residential development sites, taxpayers, parking garages and lots, retail condominiums and air rights transfers.