$4,750,000
Updated 10 years ago
Off Market

303 East 109th Street

East Harlem, Manhattan | Second Ave & First Ave

13 Rooms9 Beds4 Baths4,800 Square FeetMulti-Family

$4,750,000
floors4
Lot Size25'x125'
ZoneR8A
Building TypeTownhouse
RE Taxes$4,500
Price Per SF
$990

Listing Features

  • Baseboard Heat
  • Window AC Units

Outdoor space and views

  • Garden [25'x75']

Building Amenities

  • Voice Intercom
  • Laundry Room

Property Description for 303 East 109th Street

DEVELOPMENT SITE - RENTED TOWNHOUSE FOR SALE.

This townhouse is a very unique site. It is both a 18,924 SF development site AND a gut renovated 20 foot wide gem on 109th between 1st and 2nd avenue. Great opportunity for anyone looking to develop while enjoying good income. The lot is 25 x 125 and ties into 5 continuous brownstones that face 2nd avenue. The entire site could have enormous potential as a 100 x 125 assemblage if one could acquire the adjacent townhouses.

The building currently has four free market tenants that combine for a monthly rent roll of $10,900 per month. One three bedroom/one bath on the ground floor at $3400 per month. Three two bedroom/one bath apartments at $2500 per month. All apartments have signed leases that expire within the year. The space features 18,924 SF of development rights (needs to be independently verified) with a commercial overlay that allows the space to include ground floor commercial.

The building has low expenses and taxes. The building was gut renovated in 2009 and features a new boiler, roof, plumbing, and electric.

New condominiums and rental buildings surround this site and a new rental building is located directly across the street.

Building Details for 303 East 109th Street

OwnershipMulti-Family
Building TypeTownhouse
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Year Built1910
Floors4
Learn More About the Building

Transit and Citi Bike

Subway

110 St
0.25 miles
103 St
0.38 miles
116 St
0.42 miles

Citi Bike

1 Ave & E 110 St
0.13 miles
3 Ave & E 109 St
0.15 miles

Contact Agent

Contact Agent

Licensed As
Jeffrey Berger
Broker
License#:
10491202178
Company:
Isen & Company Real Estate Advisors
Jeffrey Berger
Isen & Company Real Estate 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: 24525TH