Invictus Property Advisors is pleased to announce the closing of 2196 3rd Avenue, a covered land investment opportunity located in the heart of East Harlem. The three-unit mixed-use property features one vacant residential apartment that provides immediate leasing or renovation potential, along with a commercial tenant secured under lease until 2029 that delivers stable cash flow with annual escalations. In addition to the in-place income, the property offers long-term development potential with zoning that permits approximately 23,000 buildable square feet, allowing for either a sizable MIH project or a fully market-rate development under the exemption threshold.
Situated within a certified Opportunity Zone, the property also presents significant tax advantages for long-term investors. The transaction highlights continued investor confidence in Harlem, a neighborhood experiencing dynamic growth fueled by new development, strong rental demand, and excellent access to public transportation.
