$4,250,000
Updated 4 years ago
Off Market

2033 Second Ave

East Harlem, Manhattan | East 104th Street & East 105th Street

21 Beds10,660 Square FeetMixed Use

$4,250,000
floors / apts5 / 16
Lot Size26'x100'
Built Size26'x81'
ZoneR9A
Building TypeLow-Rise
RE Taxes$128,773
Price Per SF
$399

Building Amenities

  • Voice Intercom

Property Description for 2033 Second Ave

Ariel Property Advisors presents 2033 2nd Avenue, a 26’ wide, 10,660 SF, 5-story mixed-use walk-up building located on the west side of 2nd Avenue between East 104th Street and East 105th Street in East Harlem. The subject property contains 16 residential units and 1 commercial unit. The commercial space has been occupied for nearly 20 years by a local check cashing business that just signed a five year extension that includes reimbursements for a portion of the real estate taxes and water/sewer expenses. The residential unit mix consists of 11 one-bedroom and 5 two-bedroom apartments. Of the building’s 16 units, 8 apartments were fully renovated and enjoy free market status. The remaining 8 units are rent-stabilized. All units are currently occupied, generate strong cash flow and are poised to appreciate significantly in the near term. Having been meticulously maintained by a professional management company, the property is in excellent condition. Additional upside may one day be realized through the property’s 8,892 sq. ft. of air rights that are available. 2033 2nd Avenue is located in a rapidly growing neighborhood with several major developments underway. The 2nd Avenue Subway Extension is bringing 3 new stations for the Q line, one of them being on the corner of East 106th Street and 2nd Avenue. On a residential side, Bolivar Development has recently finished development on a 178 unit, 12-story mixed-use new construction at 1998 Second Avenue between 102nd and 103rd streets, just 2 blocks away from 2033 2nd Avenue. The subject property enjoys convenient access to lower Manhattan and outer boroughs via the 6-train, located on the corner of East 103rd Street and Lexington Avenue, as well as M15 bus line, located at East 103rd Street and 2nd Avenue. 2033 2nd Avenue presents investors with an opportunity to acquire a property in excellent condition with strong cash flow and significant revenue upside in the near term.

Listing History for 2033 Second Ave

Now
09/22/2022
POM by Michael A. Tortorici
Ariel Property Advisors
05/27/2022
$4,250,000 [-$500,000] [10.5%]
Price Drop by Michael A. Tortorici
Ariel Property Advisors

Building Details for 2033 Second Ave

OwnershipMixed Use
Building TypeLow-Rise
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Year Built1920
Floors/Apts5/16
Learn More About the Building

Transit and Citi Bike

Subway

103 St
0.23 miles
110 St
0.37 miles
96 St
0.42 miles
96 St
0.49 miles

Citi Bike

E 103 St & 2 Ave
0.07 miles
E 106 St & 1 Ave
0.2 miles

Contact Agents

Contact Agents

Michael Tortorici
Ariel Property Advisors
Shimon Shkury
Ariel Property Advisors
Victor Sozio
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: 83794TH