Developer’s Harlem Site Could Sell For $150 Mil

July 30, 2015
Ian Bruce Eichner  at University Club speech before Young Mens’/Womens’ Real Estate Association credit Lois Weiss
Ian Bruce Eichner at University Club speech before Young Mens’/Womens’ Real Estate Association credit Lois Weiss

Developer Ian Bruce Eichner is selling his two-building, 600,000 square-foot, shovel-ready development site on East 125th Street and Park Avenue in a deal that could bring in $150 million.

Eichner said he decided to sell the 421-a-eligible mixed-use site in Harlem to focus on developing 45 E. 22nd Street and two other “terrific new projects” he declined to name.

“I have unbelievable success at 45 E. 22nd, which is now under construction,” he said. “This sale allows me to focus on the three concurrent projects. I can’t do five.”

Eichner, who heads The Continuum Co., has sold 45 percent of the more luxurious condominium units at the E. 22nd St. project in the $3,500 per-square-foot range.

Rents in Harlem will be decidedly less. Designed by ODA New York, the two modern buildings will rise to 32 stories — the highest in Harlem — and will encompass 673 apartments, of which 20 percent are slated to be affordable.

Some 80,000 square feet of retail will be tucked into the base of 1800 Park Ave. There will also be plenty of upscale amenities, including party and fitness spaces, a half basketball court and more than two dozen terraces.

Eichner has tapped investment broker Geoffrey Newman of Newmark Grubb Knight Frank to sell the site, which sits between E. 124th and 125th streets near MetroNorth.

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“I love the site and as they say, it is ideally situated to benefit from all the retail on 125th Street and the rebirth in the area,” said Newman, who will have marketing materials ready later this week.

The vacant site was purchased in 2013 for $66 million from Vornado Realty Trust (via 125thstreetbid).

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