October 11, 2018
Ariel Property Advisors has been retained to sell 2031-2033 Third Ave., a rare mixed-use development site in recently rezoned East Harlem. The asking price is $8.5 million, or approximately $193 per buildable square foot.
“2031-33 Third is one of the first newly rezoned East Harlem properties to come on the market, and we’re impressed with the level of interest so far,” said Ariel’s Michael A. Tortorici. “Both rental and condominium developers are attracted to its scale and accessible location.”
Tortorici and his colleagues, Marko Agbaba, Victor Sozio, Matthew L. Gillis and Matthew Lev, are representing the seller.
Post-rezoning, the 50’-wide site 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 discount store. Its frontage along a major retail corridor offers significant upside potential over the long-term.
For comments, questions or concerns, please contact Paul Bubny