$4,200,000
Updated 4 years ago
Off Market

1638 Park Ave

East Harlem, Manhattan | East 117th Street & East 116th Street

18,711 Square FeetDevelopment Site

$4,200,000
Lot Size25'x90'
ZoneR9
Building TypeVacant Lot
RE Taxes$4,791
Price Per SF
$224

Building Amenities

  • Elevator

Property Description for 1638 Park Ave

Prime Harlem development opportunity! Compass has been exclusively retained by Ownership to sell 1638 Park Ave, (the “Site”, or the “Land”). 1638 Park is ideally situated on the corner of E116th and Park, and sits on a 25x90 lot with a 2250Sq Ft parcel area of land, and 90ft of frontage on E116th st; an up and coming retail corridor. The site is only steps away from the E116th street subway, a few minute walk to the future Q train located at 106th street and only seven blocks to Central Park. The property currently has approved plans and is past SOE, piling stages and is ready to go vertical. Footings were in place before June 15th 2022, so the project will be sold with the coveted (and now discontinued) 421A tax abatement. The current use plan of the project has 24 units (25% affordable) and 2 retail spaces. Zoned R9/ C2-5 (MIH) : FAR. 8.5. The secured 421-A tax relief reduces all real estate taxes during the construction period within 3 years and the next 25 years, and 25% of the real estate tax in the 26th - 35th years. Located near many other successful new residential/mixed use developments, 1638 Park Ave makes for an ideal investment opportunity in a rapidly evolving part of Manhattan.

Listing History for 1638 Park Ave

Now
01/13/2023
Expired by Jonathan Ben-Ami
Compass
2023

Building Details for 1638 Park Ave

OwnershipDevelopment Site
Building TypeVacant Lot
Financing Allowed90%
Learn More About the Building

Contact Agent

Contact Agent

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: 87949TH