Real Estate Weekly
Image default
Deals & Dealmakers Featured

Extells dips toe in Harlem market with latest purchase

By Holly Dutton

Developer Extell has taken a piece of booming 125th Street with the purchase of an East Harlem building.

VICTOR SOZIO
VICTOR SOZIO

The property, at 142-96 East 125th Street, was purchased by Extell on April 13 from seller East Harlem Abyssinian Triangle Limited Partnership.

A spokesperson for Extell declined to comment on what the company plans to do with the building, the first site in Harlem Extell has purchased.

The building is currently occupied by the supermarket Pathmark and has 306,490 s/f of residential air rights, and 370,853 total buildable s/f with inclusionary housing bonuses.

“I was thankful I was able to play a small part in what I think will be an important transaction for that neighborhood in the future,” said Victor Sozio of Ariel Property Advisors, who represented the seller in the deal. “It’s another example of how 125th Street is one of Manhattan’s most vibrant retail corridors today.”

This isn’t Extell’s first rodeo with Pathmark — the company purchased a site on the Lower East Side that was a Pathmark back in 2012 for $150 million. Extell filed plans with the Department of Buildings a week ago for that site which show a mixed-use project that will total 1.2 million square feet — 24,000 s/f of that for commercial use, the rest for residential.

Harlem’s 125th Street, east to west, has seen an explosion of development in recent years.

A recent report by Ariel Property Advisors lists 16 projects along the corridor that are either under construction or recently completed.

Those projects include the 40,000 s/f Whole Foods that is currently under construction, and Waterbridge Capital’s purchase of three contiguous properties at the corner of 125th Street and Park Avenue in East Harlem for $36.8 million, which happens to be directly across the street from Bruce Eichner’s planned 80/20 residential project at 1800 Park Avenue.

(Visited 1 times, 1 visits today)

Related posts

Down the hole: Even down payments on NY homes are astronomical, study says

REW

WX New York Women Executives in Real Estate

REW

WHO’S NEWS

REW