$8,000,000
Updated 4 years ago
Off Market

2031-2033 Third Ave

East Harlem, Manhattan | East 111th Street & East 112th Street

Development Site

$8,000,000
floors1
Lot Size50'x100'
ZoneR9
Building TypeLow-Rise
RE Taxes$55,725

Building Amenities

  • Elevator

Property Description for 2031-2033 Third Ave

Ariel Property Advisors presents 2031-2033 Third Avenue, a rare 50' wide development opportunity on the east side of Third Avenue in Manhattan’s rapidly up and coming East Harlem neighborhood. Located between East 111th and East 112th Streets, this 50' x 100' (irregular) property was recently rezoned to R9/C2-5 (FAR: 9.00/2.00), which provides approximately 43,875 buildable square feet (as-of-right) for a mixed-use development. The property is currently improved by a single-story retail building that spans the full lot and is occupied by a grocery store. The existing lease has a provision that gives the option to require the tenant to vacate the property with a 120-day notice. Please note that the site is subject to a Mandatory Inclusionary Housing (MIH) zoning provision that requires the residential portion of a new project to comply with either MIH Option 1 or the ''Deep Affordability Option'' (please independently verify all zoning calculations and regulatory requirements). 2031-2033 Third Avenue is surrounded by a host of successful condominium properties that are achieving record pricing in the area. These include North Park Tower at 1399 Park Avenue, The Cereza at 1790 Third Avenue and 77 Condominiums at 77 East 110th Street. Its 50’ of frontage along a major retail corridor presents significant long-term upside, and the property enjoys close proximity to major attractions & institutions like Central Park, Thomas Jefferson Park, Mount Sinai Hospital and the East River Plaza. Convenient access to downtown and outer borough destinations is provided by the 6 train at Lexington and 110th Street, FDR drive and several local bus lines. It will also benefit from the eventual completion of the 2nd Avenue Q train, which will have a station at East 106th Street that is a short walk from the property. Offering accessibility, scale and prime location in a rapidly appreciating neighborhood, 2031-2033 Third Avenue represents an outstanding Northern Manhattan development opportunity.

Listing History for 2031-2033 Third Ave

Now
05/27/2022
POM by Michael A. Tortorici
Ariel Property Advisors
2022

Building Details for 2031-2033 Third Ave

OwnershipDevelopment Site
Building TypeLow-Rise
AgePre-War
Year Built1920
Floors1
Learn More About the Building

Transit and Citi Bike

Subway

110 St
0.13 miles
116 St
0.24 miles
103 St
0.43 miles

Citi Bike

3 Ave & E 112 St
0.03 miles
Lexington Ave & E 111 St
0.13 miles

Contact Agents

Contact Agents

Michael Tortorici
Ariel Property Advisors
Shimon Shkury
Ariel Property Advisors
Mark Anderson
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: 77461TH