NEW YORK, NY – October 10, 2018 – Ariel Property Advisors has been exclusively retained to sell 2031-2033 3rd Avenue, a rare mixed-use development site in the up-and-coming Northern Manhattan neighborhood of East Harlem. The asking price is $8.5 million, which translates to approximately $193 per buildable square foot.

The 50’ wide site, located between East 111th Street and East 112th Street, was recently rezoned to R9/C2-5 (FAR: 9.00/2.00), which 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.

Exclusive agents Michael A. Tortorici, Marko Agbaba, Victor Sozio, Matthew L. Gillis, and Matthew Lev are representing the seller.

“2031-33 Third Avenue 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 Michael A. Tortorici, Executive Vice President at Ariel Property Advisors. “Both rental and condominium developers are attracted to its scale and accessible location.”

The site’s frontage along a major retail corridor presents significant upside potential over the long-term. The property sits near major attractions and institutions, such as Central Park, Thomas Jefferson Park, Mount Sinai Hospital and the East River Plaza.

The site also boasts convenient access to downtown and outer-borough destinations via the 6 train at Lexington and 110th Street, FDR drive and several local bus lines. The property should substantially benefit from the eventual completion of the 2nd Avenue Q train, which will have a station just a few blocks away at East 106th Street.