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228 East 118th Street
East Harlem, Manhattan | Third Ave & Second Ave
Development Site
$4,950,000
$4,950,000
Updated 5 years ago
Off Market

228 East 118th Street

East Harlem, Manhattan | Third Ave & Second Ave

Development Site

$4,950,000
Lot Size55'x100'9"
ZoneR7A
Building TypeVacant Lot
RE Taxes$43,623

Building Amenities

  • Elevator

Property Description for 228 East 118th Street

Ariel Property Advisors presents 228 East 118th Street, a prime development opportunity located on the south side of East 118th Street between Second Avenue and Third Avenue in East Harlem. Currently a vacant lot, R7A zoning (FAR: 4.0) provides approximately 22,204 buildable square feet as-of-right for a residential project. The site is located outside of the Mandatory Inclusionary Housing (MIH) zone, allowing for unrestricted development potential. Ownership has plans for a 7-story, 30- unit multifamily building that will provide developers with an opportunity to accelerate respective timelines and gain savings in associated costs. 228 East 118th Street is situated within the rapidly expanding neighborhood of East Harlem, an area slated for considerable growth given the neighborhood’s recently passed rezoning. New-construction residential developments include projects such as 2283 Third Avenue, 2211 Third Avenue, 2141 Third Avenue and 181 East 119th Street. The property is around the corner from a bustling Third Avenue retail corridor and is in close proximity to numerous landmarks such as the CUNY Silberman School of Social Work and The East River Plaza as well as the recently opened New York Proton Center. Convenient access to lower Manhattan and outer-borough locations is provided by the 6-subway train at Lexington Avenue and East 116th Street, the FDR Drive, and a variety of local bus lines. The future Second Avenue subway extension will also be a short walk at Second Avenue and 116th Street. 228 East 118th Street offers developers a prime opportunity to take advantage of neighborhood upside and a robust residential marketplace in East Harlem.

Listing History for 228 East 118th Street

Now
03/01/2021
POM by Michael A. Tortorici
Ariel Property Advisors
2021
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Building Details for 228 East 118th Street

OwnershipDevelopment Site
Building TypeVacant Lot
Learn More About the Building

Transit and Citi Bike

Subway

116 St
0.19 miles
125 St
0.39 miles
110 St
0.41 miles

Railroad

Harlem-125 StMetro-North Railroad
0.46 miles

Citi Bike

E 118 St & 3 Ave
0.06 miles
1 Ave & E 118 St
0.2 miles

Contact Agents

Contact Agents

Michael Tortorici
Ariel Property Advisors
Victor Sozio
Ariel Property Advisors
Howard Raber
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. 

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Featured on the Linecity Blog

The MEDIAN

Manhattan | August 2023

According to New York City records, the median price for an apartment in Manhattan for the month of August 2023 was $1,150,000.  The price represents a minimal decrease of .02% from the median price of $1,175,000 recorded in August 2022.  The number of apartment sales, however, fell from 1,546 to 1,204 reflecting a year-over-year decreas...

posted on December 8, 2023
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: 78663TH
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