Ariel Property Advisors has arranged the sale of a 43,857 buildable square foot development site at 2031-2033 Third Avenue between East 111th and East 112th Streets in East Harlem for $7.1 million, or $162/BSF. The property is located in the East Harlem Rezoning area and was recently rezoned to R9/C2-5.
The buyer, Lakshmi Capital Opportunity Zone Fund 1 LLC, has preliminary plans to develop a 20-story mixed-use building that also will include affordable housing, as required by the site’s Mandatory Inclusionary Housing (MIH) zoning provision.
The sale was arranged by an Ariel team including Michael A. Tortorici, Founding Partner; Mark Anderson, Director, Investment Sales; Shimon Shkury, President and Founder; and Victor Sozio, Founding Partner. The broker for the buyer was Lakshmi Capital Management LLC.
“We’re glad this existing one-story structure, which has essentially been unchanged for decades, will soon be developed to bring much needed housing to East Harlem and the City as a whole,” said Tortorici. “Between this and recent new developments in the area like Sendero Verde and One East Harlem, it’s shaping up to be an exciting time in Northern Manhattan.”
Anderson added, “The property at 2031-2033 Third Avenue is one of only 10 Mandatory Inclusionary Housing sites to sell in East Harlem since the neighborhood’s rezoning passed in 2017. We’re very pleased that the site will ultimately provide additional affordable housing, which was the goal of the East Harlem Rezoning proposal.”
With 50 feet of frontage along the active Third Avenue commercial corridor, the development site presents significant long-term upside. The property currently houses a single-story retail building occupied by a discount store. The site is near Central Park, Thomas Jefferson Park, Mount Sinai Hospital and the East River Plaza, in addition to multiple public transportation options.
Ariel Property Advisors has sold or put in contract over 575,000 BSF of Mandatory Inclusionary Housing development sites throughout New York City.
About Ariel Property Advisors Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.arielpa.nyc
