INVICTUS Property Advisors has been retained on an exclusive basis for the sale of 336-338 East 112th Street, a 50' wide development site located in East Harlem, NY. The property will be delivered with DOB Approved Plans for a full amenity residential project. The project already has excavation and piling work completed, allowing a developer to build immediately upon acquisition.
The subject property is located at the mid-point of two planned Q train subway stops at East 106th Street and East 116th Street and Second Avenue. The Metropolitan Transit Authority (MTA) recently announced that it reached a "major milestone" in its ongoing expansion project and the construction of new stations is expected to be completed by 2029. Currently, the site is located just a 0.4 mile walk (roughly 8 minutes) to the 6 subway line on East 110th Street and Lexington Avenue.
336-338 East 112th Street is surrounded by several newly completed condominium development projects - several of which have consistently achieved condo sell-outs in excess of $1,200 / SF. Additionally, rentals in the area for full amenity projects have surpassed $55 / SF. The site's flexible R7A zoning also allows for retail and community facility use. The subject property is in close proximity to the East River Plaza, 10-table Italian icon- Rao's, Patsy Pizzeria, and several parks and schools. The property is located in a coveted certified opportunity zone (census tract: 36061018000), allowing an investor to realize tax incentives as per IRS guidelines.
Please inquire for full set of plans and complete due diligence package.