2nd Ave Harlem Portfolio for Sale FOR SALE


New York, NY - East Harlem
$35,000,000 USD
914-819-7156
, New York, NY for Sale
$35,000,000 USD
FOR SALE
1/7
null | 5.77% Cap Rate

2nd Ave Harlem Portfolio for Sale
New York, NY
East Harlem


HIGHLIGHTS

  • 115,700 SF Developable Air Rights
  • 160 new residential units can be developed
  • The site benefits from the QAH density bonus, the ITZ, and the upcoming Second Avenue Subway extension
  • $2,020,055 NOI
  • Entire block on 2nd Ave in Harlem

OVERVIEW

This is a rare opportunity to acquire an entire block on 2nd Ave in Harlem. It consists of six contiguous buildings, including four five story walk-up apartment buildings, one one-story retail building, and one two-story retail building, comprising 60 apartments, 12 commercial spaces, and one antenna. The portfolio supports 115,700 square feet of additional buildable area, representing the embedded air-rights value. Additionally, the site qualifies for the Qualifying Affordable Housing (QAH) density bonus, increasing allowable density beyond standard residential zoning. Based on as-of-right zoning, approximately 160 new residential units can be developed. The Inner Transit Zone location eliminates parking requirements, enhancing project feasibility and reducing costs. Positioned along a corridor experiencing major investment and redevelopment, the site benefits from the upcoming Second Avenue Subway extension, which will increase accessibility and long-term demand. This offering combines stabilized income with substantial upside for mixed-use development in a rapidly evolving neighborhood.

ASK ABOUT THIS PROPERTY

Ian HeymanRosewood Realty GroupMore Info
914-819-7156

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.

Ian HeymanRosewood Realty GroupMore Info
914-819-7156

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.