2197 3rd Avenue

Highlights:

• 421A-approved development opportunity with approved plans located in the heart of East Harlem, Manhattan.
• The property consists of a 9,300 SF lot with approved plans for a total zoning floor area of 105,590 SF as-of-right—98,300 SF designated for residential use, 5,842 SF for commercial use, and 1,447 SF for a community facility.
• Property will be delivered with approved plans for a 141-unit mixed-use building, comprising 51 studio units, 63 one-bedroom units, 25 two-bedroom units, one commercial space, and one community facility.
• The development will include a total of 34 affordable units.
• The property benefits from a 421A tax abatement, capping taxes on the completed project.
• Ideally situated near the 3 Ave - 138 St [6] Subway Station, offering convenient access to Midtown and other parts of Manhattan.

Description:

Asset CRG Advisors has been exclusively retained to market 2197 3rd Ave, New York, NY 10035, a 421a-approved development opportunity in the heart of East Harlem, Manhattan.

The property consists of a 9,300 SF lot with approved plans for a 105,590 buildable SF as-of-right mixed-use building. The zoning breakdown includes 98,300 SF for residential use, 5,842 SF for commercial use, and 1,447 SF for a community facility

Approved plans call for 139 residential units, featuring 51 studio apartments, 63 one-bedroom apartments, and 25 two-bedroom apartments. The project also includes a 5,842 SF commercial space and a 1,447 SF community facility. A total of 34 units will be designated as affordable housing.

The property benefits from a 421a tax abatement, offering significant tax savings for investors.

Located near the 3 Ave - 138 St [6] Subway Station, the site provides excellent connectivity to Midtown and other parts of Manhattan.

This shovel-ready project presents a prime opportunity for developers and investors to capitalize on the growing demand for residential projects in East Harlem.

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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