Invictus Property Advisors, a leading real estate investment firm, has recently closed a deal of an industrial asset located at 413-415 East 119th Street, between First Avenue and Pleasant Avenue in the bustling East Harlem neighborhood poised for future redevelopment. The site traded for $221 per buildable square foot and slightly under a 4% cap rate on the existing income. The purchaser, an active real estate developer in the area, saw the potential in the property as a covered land play with a lease in place until 2028.
East Harlem, also known as Spanish Harlem or El Barrio, is a diverse and vibrant neighborhood in Upper Manhattan. It is well-known for its rich cultural history, strong community ties, and a mix of residential, commercial, and industrial properties. This area has experienced significant revitalization and growth over the past few years, as investors and developers have been drawn to its potential.