$4,150,000
Updated 9 years ago
Off Market

410-412 East 115th Street

East Harlem, Manhattan | First Ave & Pleasant Ave

19,364 Square FeetDevelopment Site

$4,150,000
Lot Size37'5"x100'9"
Building TypeVacant Lot
RE Taxes$24,329
Price Per SF
$214

Building Amenities

  • Elevator

Property Description for 410-412 East 115th Street

Investment Highlights Ariel Property Advisors presents 410-412 East 115th Street, a 37.5’ wide development site located on the south side of East 115th Street between 1th Avenue and Pleasant Avenue in East Harlem. Zoned R7-B/R7-X (3.00 FAR/5.00 FAR), the property permits approximately 12,364 buildable square feet (as-of-right). The ownership acquired additional 11,234 square feet of air rights for a total of 23,598. It is our understanding that approximately 19,686 square feet are usable, given the height restriction. The owner currently has plans for a 10-unit luxury condominium and would consider joint venture options. The property is located in the rapidly expanding neighborhood of East Harlem, an area slated for considerable growth given the City’s proposed rezoning initiatives. The site is surrounded by bustling retail and various new residential developments, several of which are consistently achieving condo sellouts north of $900 per square foot. Local neighborhood attractions include the East River Plaza, Thomas Jefferson Park, the Silberman School of Social Work at Hunter College, and the Manhattan Center for Science and Mathematics. The property also enjoys easy access to lower Manhattan and outer borough locations via the 4/6 subway train just three blocks away on 116th Street and Lexington as well as the FDR which is only a half a block away. With its vastly convenient location, local draws and institutions, along with the combination of a robust residential marketplace, 410- 412 East 115th Street represents an outstanding development opportunity poised to take advantage of neighborhood upside potential.

Listing History for 410-412 East 115th Street

Now
12/21/2017
POM by Marko Agbaba
Ariel Property Advisors
09/29/2017
$4,150,000
Initial Price by Marko Agbaba
Ariel Property Advisors

Building Details for 410-412 East 115th Street

OwnershipDevelopment Site
Building TypeVacant Lot
Learn More About the Building

Transit and Citi Bike

Subway

116 St
0.41 miles
110 St
0.47 miles

Citi Bike

E 114 St & 1 Ave
0.06 miles
Pleasant Ave & E 116 St
0.11 miles

Contact Agents

Contact Agents

Marko Agbaba
Ariel Property Advisors
Michael Tortorici
Ariel Property Advisors
Orry Michael
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: 71254TH