$6,000,000
Updated 9 years ago
Sold

172-174 East 106th Street

East Harlem, Manhattan | Lexington Ave & Third Ave

21,500 Square FeetRental Property

$6,000,000
floors / apts5 / 22
Lot Size50'x100'9"
ZoneR7A
Building TypeLow-Rise
Price Per SF
$279

Building Amenities

  • Voice Intercom
  • Elevator
  • Laundry Room

Property Description for 172-174 East 106th Street

> 172-174 East 106th Street is a five (5) story mixed-use building located on the south side of East 106th Street between 3rd and Lexington Avenues. > The building contains twenty-two (22) rent-residential units and two (2) retail units. > The residential portion is comprised of a diverse unit mix with 4 studio, 8 one-bedroom and 10 two-bedroom apartments. > One retail unit is occupied by a florist that has done excellent business for many years. > The other unit was just leased to an bar/restaurant tenant that has several successful operations throughout the city. > The bar/restaurant retail space also contains a full service industrial kitchen. > 172-74 East 106th Street was completely gut renovated in 2001 and features a new roof, new gas boilers, steel staircases, and a laundry facility in the basement. > The building also benefits from a J51 tax abatement and exemption, resulting in excellent steady cash flow for the asset. > Its location on East 106th Street is ideal in that it is surrounded by bustling retail and many new residential developments. > The property is also footsteps to the 6 train at 103rd Street and Lexington Avenue and a short walk to uptown landmarks such as Central Park, Mount Sinai Hospital, and the Harlem Meer. > Offering a solid return and ideal 1031 exchange opportunity, 172-174 East 106th Street represents an ideal addition to any mixed-use portfolio.

Listing History for 172-174 East 106th Street

Now
12/13/2012
$6,000,000
Sold and Closed by Michael A. Tortorici
Ariel Property Advisors
10/25/2012
Contract Signed by Michael A. Tortorici
Ariel Property Advisors

Building Details for 172-174 East 106th Street

OwnershipRental Property
Building TypeLow-Rise
Service LevelVoice Intercom
AgePre-War
AccessElevator
Year Built1910
Floors/Apts5/22
Learn More About the Building

Transit and Citi Bike

Subway

103 St
0.13 miles
110 St
0.23 miles

Citi Bike

E 106 St & Lexington Ave
0.02 miles
E 103 St & Lexington Ave
0.15 miles

Contact Agents

Contact Agents

Michael Tortorici
Ariel Property Advisors
Victor Sozio
Ariel Property Advisors
Daniel Tropp
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: 23005TH