$3,750,000
Updated 6 years ago
Off Market

1600-1602 Lexington Ave

East Harlem, Manhattan | East 101st Street & East 102nd Street

Development Site

$3,750,000
Lot Size33'8"x75'
ZoneR7-2
Building TypeVacant Lot
RE Taxes$27,346

Building Amenities

  • Elevator

Property Description for 1600-1602 Lexington Ave

Ariel Property Advisors presents 1600-1602 Lexington Avenue, a vacant 33’ wide development site on the west side of Lexington Avenue between East 101st Street and East 102nd Street, near the border of East Harlem and the Upper East Side. R7-2/C1-5 zoning (FAR: 4.0 Wide-street Res., 2.0 Comm. & 6.5 Community Facility) provides approximately 9,948 buildable square feet as-of-right for a mixed-use project. A more sizeable project consisting of 16,166 square feet can be built by using the entire site as a community facility or by adding a community facility in addition to retail and residential components. Additional floor area can be incorporated below grade. The property is surrounded by a variety of new construction residential projects that are driving strong pricing growth. Such new developments include The Cereza at 1790 Third Ave., North Park Tower at 1399 Park Ave., Copper Hill at 1595 Lexington Ave. and The Art House at 1810 Third Ave. Additionally, several nearby townhouses have recently seen record prices that have surpassed $1,000 per square foot. Located steps away from several charter schools, Mount Sinai Hospital and Metropolitan Hospital, developers will be well positioned to take advantage of the site’s significant community facility bonus that can accommodate educational, medical or non-profit use. Neighborhood amenities include Central Park, Museum Mile and Thomas Jefferson Park which are all within walking distance of the property. Easy access to all downtown and outer borough locations is provided by 6 train at East 103rd Street. Offering a prime location in a rapidly growing area, 1600-1602 Lexington Avenue represents a prime boutique development opportunity.

Listing History for 1600-1602 Lexington Ave

Now
03/03/2020
POM by Michael A. Tortorici
Ariel Property Advisors
2020

Building Details for 1600-1602 Lexington Ave

OwnershipDevelopment Site
Building TypeVacant Lot
Learn More About the Building

Transit and Citi Bike

Subway

103 St
0.1 miles
96 St
0.29 miles
96 St
0.36 miles
110 St
0.45 miles

Citi Bike

E 103 St & Lexington Ave
0.08 miles
E 102 St & Park Ave
0.11 miles

Contact Agents

Contact Agents

Michael Tortorici
Ariel Property Advisors
Marko Agbaba
Ariel Property Advisors
Jiani Zhou
Ariel Property Advisors

East Harlem | Manhattan

Quick Profile

Take a stroll through East Harlem and you’ll find a vibrant, culturally diverse neighborhood, which is evident no matter which direction you look. East Harlem is also known as Spanish Harlem, El Barrio, and “The Neighborhood,” as it is home to a population that represents Hispanic immigrants, primarily from Puerto Rico, as well as from Mexico, Cuba, and the Dominican Republic. These immigrants brought their cultures with them, in the form of music, dance, art, and food. During the day, you’ll find the neighborhood filled with opportunities to experience Latin culture. Both the salsa dance craze and the graffiti style of art were born right in East Harlem. There are many great places to sample authentic cuisine, from Rao’s (where you cannot get a table unless you inherit one, and any reservations must be booked years in advance) to sidewalk carts, where you can get the best “street meat” to be had in NYC.

In East Harlem you’ll find a number of innovative educational opportunities in the form of specialized and charter schools that are considered top-notch. Many of these have very competitive admissions criteria and offer curricula that focus on creativity and social awareness. Such schools are a draw for young families that want to raise their children in an educational system that goes above and beyond the standard.

The vibe of East Harlem is one of community and neighbors that interact with each other routinely. There are many small, family-owned and -operated businesses and restaurants that have been neighborhood anchors for years. As you stroll through East Harlem, you will be immersed in sights, sounds and flavors that are straight from Latin American or the Caribbean islands, sometimes both at once. You can sample Puerto Rican-inspired plantain mofongo, which is mashed plantains with garlic and pork rinds, from local sidewalk carts. Or if it is a hot summer’s day, you might enjoy a Mexican-inspired licuado, which is a blended drink similar to a smoothie, made with milk, fruit, and ice. Sometimes, spices, citrus juices, and sugar are added. Although you will find an abundance of authentic cuisine and music no matter where you look in East Harlem.

Prefer to cook at home? East River Plaza offers Target, Costco, and Aldi stores, all of which offer fresh food at reasonable prices.

East Harlem housing consists of more affordable walk-ups, low-rise pre-war buildings, brownstones, and is dominated housing complexes. You can find some comparatively large apartments at reasonable price points, and even some rent-stabilized apartments. Luxury co-op and condo units are being built on the southern boundary of East Harlem. 

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
OLR ID: 75216TH