Three Harlem Properties At $14.5M

April 30, 2014

east harlem prpoertiesEastern Consolidated, a leading investment sales brokerage firm, has been retained as the exclusive agent to market for sale three adjacent prime corner properties in East Harlem at 2171 Second Avenue aka 250-254 East 112th Street, 256 East 112th Street, and 2173-2175 Second Avenue aka 258 East 112th Street for $14.5 million.

The mixed-use, walk-up buildings are recently renovated and well-maintained. Located on the southwest corner of Second Avenue and 112th Street, the properties are 100-percent occupied by three retail stores and 38 apartments, 28 rent stabilized and 10 market rate. Nearly all of the apartments have been renovated.

The buildings encompass more than 35,900 square feet and offer an additional 24,845 square feet of unused and intact air rights for future development. A large, rear courtyard behind the buildings is utilized as outdoor space by the buildings’ tenants.

“This is a unique opportunity for an investor to own a corner on Second Avenue in East Harlem,” said Adelaide Polsinelli, Senior Director at Eastern Consolidated who along with Principal and Senior Director Ronda Rogovin, and Associate Director Jamie Rogovin represents the seller exclusively. “The portfolio is well-maintained and requires no investment on the part of the buyer, so the buildings can be left in place or, collectively, they encompass more than 60,000 square feet of an exciting redevelopment opportunity.”

Ronda Rogovin added, “This is a rare opportunity to capture 100 square feet of frontage on Second Avenue in this bustling neighborhood, which already has built-in foot traffic. In addition, the development opportunity to add nearly 25,000 square feet of space makes this property portfolio a great purchase for investors.”

The four-story plus basement and penthouse building at 2171 Second Avenue aka 250-254 East 112th Street was gut renovated between 2003 and 2006, and the work included the addition of a new fourth floor. The property has a J-51 Tax Exemption and Abatement in place. The Duck Bar occupies the property’s retail space on Second Avenue as well as East 112th Street.

256 East 112th Street is also a four-story, mixed-use building. It houses three market-rate apartments and one retail store. The apartments were renovated in 2004, including the bathrooms, kitchens and floor. The sale of the building within the portfolio is for the leasehold interest only, which extends through September 2046.

The five-story corner building with penthouse at 2173-2175 Second Avenue at 258 East 112th Street includes 83 feet of frontage along Second Avenue. The building includes 12 apartments and two retail stores. Ten of the apartments were renovated in 2002, including new bathrooms, kitchens and flooring. Five of the apartments are rent stabilized, seven are market rate and one is a duplex. The building’s two retail units are home to La Costenita Grocery and the Indo Pak Halal Restaurant.

Redevelopment has been ongoing in East Harlem, which is home to new luxury condominium and rental developments.  The tightly knit community is served by a number of public and private schools and both locally-owned businesses and national retail tenants.

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