23598 19686 37.6' east harlem
410-412 EAST 115TH STREET, NEW YORK, NY 10029 EAST HARLEM DEVELOPMENT SITE | FOR SALE OR JOINT VENTURE
23,598
Buildable SF (total)
19,686
37.6'
Buildable SF (usable)
EAST HARLEM
Lot Width
Location
Ariel Property Advisors presents 410-412 East 115th Street, a 37.5’ wide development site located on the south side of East 115th Street between 1th Avenue and Pleasant Avenue in East Harlem. Zoned R7-B/R7-X (3.00 FAR/5.00 FAR), the property permits approximately 12,364 buildable square feet (as-of-right). The ownership acquired additional 11,234 square feet of air rights for a total of 23,598. It is our understanding that approximately 19,686 square feet are usable, given the height restriction. The owner currently has plans for a 10-unit luxury condominium and would consider joint venture options. The property is located in the rapidly expanding neighborhood of East Harlem, an area slated for considerable growth given the City’s proposed rezoning initiatives. The site is surrounded by bustling retail and various new residential developments, several of which are consistently achieving condo sellouts north of $900 per square foot. Local neighborhood attractions include the East River Plaza, Thomas Jefferson Park, the Silberman School of Social Work at Hunter College, and the Manhattan Center for Science and Mathematics. The property also enjoys easy access to lower Manhattan and outer borough locations via the 4/6 subway train just three blocks away on 116th Street and Lexington as well as the FDR which is only a half a block away. With its vastly convenient location, local draws and institutions, along with the combination of a robust residential marketplace, 410412 East 115th Street represents an outstanding development opportunity poised to take advantage of neighborhood upside potential.
PROPERTY INFORMATION Block / Lot Lot Dimensions Total Lot Area Zoning FAR Lot Area Buildable Area (as-of-right) Purchased Air Rights Total Buildable Area Usable Buildable Area Assessment (17/18) Real Estate Taxes (17/18)
1708 / 43 37.5' x 100.92' 3,785 R7B 3.00 3,280 9,841 $230,080 $24,329
Sq. Ft. (Approx.) R7X 5.00 505 2,523 -
TOTAL 3,785 12,364 11,234 23,598 19,686
ASKING PRICE: $3,750,000 FOR MORE INFORMATION PLEASE CONTACT OUR EXCLUSIVE SALES AGENTS AT 212.544.9500 I arielpa.nyc Marko Agbaba x32
[email protected]
Michael A. Tortorici x13
[email protected]
Orry Michael x4002
[email protected]
Matthew L. Gillis x42
[email protected]
FOR FINANCING INFO Paul McCormick x45
[email protected]
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein. October 19, 2017 4:44 PM
R HA R LEM
3
R RD IVE
Harlem 148 St
410-412 EAST 115TH STREET, NEW YORK, NY 10029
7 102
EAST HARLEM DEVELOPMENT SITE | FOR SALE OR JOINT VENTURE
1
GE
RID
TB 45 S
Bx
3D MAP / TAX MAP 1 19
2
Bx19 to Botanical
3 Garden via South side of East 115th Street between 145 ST Southern Blvd 1st Avenue and Pleasant Avenue
102 7
W 135 ST
33
1708
43H
ORT
N TRO
ME
4
5 6
Bx
33
THE BRONX
East 114th Street
2 3
Bx
98
15
Bx15 to Fordham Plaza via Third Av
WI
LLI
SA
98
RID
1
VB
1
W 130 ST
Bx15 from Fordham Plaza
GE
3A
LENOX AV
VB
RID
GE
135 ST
ROBERT F. KENNEDY BRIDGE
1
W 137 ST
1st Aveue
SCHOMBURG CENTRE
I
MAD
Bx
V BR
A SON
Pleasant Avenue
W 139 ST
East 115th Street
E IDG
METRO NORTH
Bx
60 15
6
35
E 126 ST
Q
Т
ROBERT F. KENNEDY BRIDGE
15
125 St
100 101
DR MARTIN LUTHER LOCATION MAP KING BLVD
100
101 103
O
1 AV
AV
EAST HARLEM
118 ST
6 116 102
W 116 ST
98 101
E 116 ST
RANDALL’S ISLAND
116
PLEASANT AV
3 AV
PARK AV
MADISON AV
E 120 ST
5 AV
2 3
IN
116 St
AD
MT MORRIS PARK W
E 124 ST
MARCUS GARVEY PARK
60 35
E 125 ST
103
L PA
STUDIO MUSEUM IN HARLEM
Bx
15 35
2 AV
2 3
4 5
LEXINGTON AV
125 ST
ICAHN STADIUM
116
102
AV
Central Park North (110 St)
SUBJECT PROPERTY
1
1
JEFFERSON PARK
E 112 ST
W 112 ST 15
2 3 2
L PARKDANA DISCOVERY CENTRAL TH HARLEM MEER
E 110 ST
E 110 ST
6
WARD’S ISLAND
15
110 ST 2
1
4
3
2
1
4
3
ASKING PRICE: $3,750,000 106
FDR DRIVE
E 106 ST E 106 ST LASKER 106 Q Т AT 212.544.9500 I arielpa.nyc FOR FINANCING INFO FOR MORE INFORMATION PLEASE CONTACT OUR EXCLUSIVE SALES AGENTS RINK E 105 ST EL MUSEO Paul McCormick x45 Marko Agbaba x32 DEL Michael A. Tortorici x13 Orry Michael x4002 Matthew L. Gillis x42 [email protected] [email protected] [email protected] [email protected] E 104 ST [email protected] BARRIO 6 MUSEUM OF THE The information contained herein has either been given to us by the owner of the103 property ST or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, CITY OF NEW YORK all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective 1 3
investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors which E 102 ST your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein. 4:44 PM 4 106October 19, 2017 101 102 1 3
23,598
Buildable SF (total)
19,686
37.6'
Buildable SF (usable)
EAST HARLEM
Lot Width
Location
Ariel Property Advisors presents 410-412 East 115th Street, a 37.5’ wide development site located on the south side of East 115th Street between 1th Avenue and Pleasant Avenue in East Harlem. Zoned R7-B/R7-X (3.00 FAR/5.00 FAR), the property permits approximately 12,364 buildable square feet (as-of-right). The ownership acquired additional 11,234 square feet of air rights for a total of 23,598. It is our understanding that approximately 19,686 square feet are usable, given the height restriction. The owner currently has plans for a 10-unit luxury condominium and would consider joint venture options. The property is located in the rapidly expanding neighborhood of East Harlem, an area slated for considerable growth given the City’s proposed rezoning initiatives. The site is surrounded by bustling retail and various new residential developments, several of which are consistently achieving condo sellouts north of $900 per square foot. Local neighborhood attractions include the East River Plaza, Thomas Jefferson Park, the Silberman School of Social Work at Hunter College, and the Manhattan Center for Science and Mathematics. The property also enjoys easy access to lower Manhattan and outer borough locations via the 4/6 subway train just three blocks away on 116th Street and Lexington as well as the FDR which is only a half a block away. With its vastly convenient location, local draws and institutions, along with the combination of a robust residential marketplace, 410412 East 115th Street represents an outstanding development opportunity poised to take advantage of neighborhood upside potential.
PROPERTY INFORMATION Block / Lot Lot Dimensions Total Lot Area Zoning FAR Lot Area Buildable Area (as-of-right) Purchased Air Rights Total Buildable Area Usable Buildable Area Assessment (17/18) Real Estate Taxes (17/18)
1708 / 43 37.5' x 100.92' 3,785 R7B 3.00 3,280 9,841 $230,080 $24,329
Sq. Ft. (Approx.) R7X 5.00 505 2,523 -
TOTAL 3,785 12,364 11,234 23,598 19,686
ASKING PRICE: $3,750,000 FOR MORE INFORMATION PLEASE CONTACT OUR EXCLUSIVE SALES AGENTS AT 212.544.9500 I arielpa.nyc Marko Agbaba x32
[email protected]
Michael A. Tortorici x13
[email protected]
Orry Michael x4002
[email protected]
Matthew L. Gillis x42
[email protected]
FOR FINANCING INFO Paul McCormick x45
[email protected]
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein. October 19, 2017 4:44 PM
R HA R LEM
3
R RD IVE
Harlem 148 St
410-412 EAST 115TH STREET, NEW YORK, NY 10029
7 102
EAST HARLEM DEVELOPMENT SITE | FOR SALE OR JOINT VENTURE
1
GE
RID
TB 45 S
Bx
3D MAP / TAX MAP 1 19
2
Bx19 to Botanical
3 Garden via South side of East 115th Street between 145 ST Southern Blvd 1st Avenue and Pleasant Avenue
102 7
W 135 ST
33
1708
43H
ORT
N TRO
ME
4
5 6
Bx
33
THE BRONX
East 114th Street
2 3
Bx
98
15
Bx15 to Fordham Plaza via Third Av
WI
LLI
SA
98
RID
1
VB
1
W 130 ST
Bx15 from Fordham Plaza
GE
3A
LENOX AV
VB
RID
GE
135 ST
ROBERT F. KENNEDY BRIDGE
1
W 137 ST
1st Aveue
SCHOMBURG CENTRE
I
MAD
Bx
V BR
A SON
Pleasant Avenue
W 139 ST
East 115th Street
E IDG
METRO NORTH
Bx
60 15
6
35
E 126 ST
Q
Т
ROBERT F. KENNEDY BRIDGE
15
125 St
100 101
DR MARTIN LUTHER LOCATION MAP KING BLVD
100
101 103
O
1 AV
AV
EAST HARLEM
118 ST
6 116 102
W 116 ST
98 101
E 116 ST
RANDALL’S ISLAND
116
PLEASANT AV
3 AV
PARK AV
MADISON AV
E 120 ST
5 AV
2 3
IN
116 St
AD
MT MORRIS PARK W
E 124 ST
MARCUS GARVEY PARK
60 35
E 125 ST
103
L PA
STUDIO MUSEUM IN HARLEM
Bx
15 35
2 AV
2 3
4 5
LEXINGTON AV
125 ST
ICAHN STADIUM
116
102
AV
Central Park North (110 St)
SUBJECT PROPERTY
1
1
JEFFERSON PARK
E 112 ST
W 112 ST 15
2 3 2
L PARKDANA DISCOVERY CENTRAL TH HARLEM MEER
E 110 ST
E 110 ST
6
WARD’S ISLAND
15
110 ST 2
1
4
3
2
1
4
3
ASKING PRICE: $3,750,000 106
FDR DRIVE
E 106 ST E 106 ST LASKER 106 Q Т AT 212.544.9500 I arielpa.nyc FOR FINANCING INFO FOR MORE INFORMATION PLEASE CONTACT OUR EXCLUSIVE SALES AGENTS RINK E 105 ST EL MUSEO Paul McCormick x45 Marko Agbaba x32 DEL Michael A. Tortorici x13 Orry Michael x4002 Matthew L. Gillis x42 [email protected] [email protected] [email protected] [email protected] E 104 ST [email protected] BARRIO 6 MUSEUM OF THE The information contained herein has either been given to us by the owner of the103 property ST or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, CITY OF NEW YORK all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective 1 3
investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors which E 102 ST your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein. 4:44 PM 4 106October 19, 2017 101 102 1 3
