2197 3rd Avenue

Description:

Asset CRG Advisors has been exclusively retained to market 2197 3rd Avenue, New York, NY 10035, a 421a-approved development opportunity available FOR LEASE in the heart of East Harlem, Manhattan. The property sits on a 9,300-square-foot lot and is delivered with approved plans for a 105,590 buildable square foot mixed-use building on an as-of-right basis. The zoning program allows for 98,300 square feet of residential space, 5,842 square feet of commercial space, and 1,447 square feet of community facility space.

Approved plans call for 139 residential units, including 51 studios, 63 one-bedroom units, and 25 two-bedroom units, along with ground-floor commercial space and a community facility component. A total of 38 units are designated as affordable housing under the approved program. The project benefits from a 421a tax abatement, providing meaningful long-term tax advantages to the leaseholder.

The site is located near the 3 Avenue–138 Street station on the 6 subway line, offering strong connectivity to Midtown Manhattan and surrounding neighborhoods. This shovel-ready, leasehold development opportunity is well suited for developers and operators seeking to execute a large-scale residential project in one of Manhattan’s most active and growing submarkets.

2197 3rd Ave, New York, NY 10035 is situated in East Harlem, Manhattan, at the southeast corner of 3rd Avenue and East 120th Street. The property is located within Community District 11 and School District 4. The area is well-served by public transportation, with the 3 Ave - 138 St [6] Subway Station in close proximity, providing convenient access to other parts of Manhattan. The neighborhood features a mix of residential and commercial properties, contributing to a vibrant community atmosphere.

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