$9,650,000
Updated 6 years ago
Off Market

2147 Second Ave

East Harlem, Manhattan | East 110th Street & East 111th Street

16,500 Square FeetIncome Property

$9,650,000
floors / apts9 / 16
Lot Size25'3"x100'
Built Size24'9"x100'
ZoneR9A
Building TypeLow-Rise
RE Taxes$177,220
Price Per SF
$585

Building Amenities

  • Video Intercom
  • Elevator
  • Laundry Room

Property Description for 2147 Second Ave

JLL has been retained on an exclusive basis to arrange for the sale of 2147 Second Avenue, a 25' wide elevatored, mixed-use building located in the heart of Eat Harlem. Completed in 2011, the 9-story property features 16 apartments and 1 street-level commercial space, currently occupied by Women's World of Boxing. The retail space consists of approximately 2,450 rentable square feet and is achieving a monthly rentof $7,725 which equates to $38/PSF. The property currently benefits from a 15 year 421-A tax abatement that expires in 2026 at which point all of the units will become Free Market. The residential units consist of 15 two-bedroom and a one-bedroom apartment that are currently leased for an average rent of $2,860/Per Month. The rear line and top floor apartments all feature outdoor spaces and each floor has washer and dryer. Each apartment contains individual HVAC units and the overall condition and apartment finishes transcend the quality of the competing supply within the immediate area. In regards to connectivity, the property is located amongst a strong retail corridor on second Avenue and is within close proximity to the Lexington Avenue 6 subway line. Additionally, the property will benefit from Phase 2 of the second Avenue Subway Expansion which is slated to include a Q subway station at 2nd Avenue and East 106th Street, steps to the south. The expansion is scheduled for completion by 2029 and will act as a catalyst for both retail and rretail and residential rental growth over the longer term. 2147 Second AVenue presents an excellent opportunity to acquire a turn-key, boutique apartment building within a neighborhood that possesses substantial underlying rental growth potential which will be driven by the recent East Harlem Rezoning and Phase 2 of the Second Avenue Subway expansion. Additionally, the 421A abatement provides long term shelter from the recent changes to the rent regulations allowing for full decontrol of the apartments upon its expiration. The property is being offered on an as-is where-is basis.

Listing History for 2147 Second Ave

Now
09/08/2020
POM by Hall Oster
JLL
2020

Building Details for 2147 Second Ave

OwnershipIncome Property
Building TypeLow-Rise
Service LevelVideo Intercom
AgePost-War
AccessElevator
Year Built2008
Floors/Apts9/16
Learn More About the Building

Transit and Citi Bike

Subway

110 St
0.21 miles
116 St
0.35 miles
103 St
0.41 miles

Citi Bike

3 Ave & E 109 St
0.14 miles
3 Ave & E 112 St
0.14 miles

Contact Agents

Contact Agents

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: 77674TH