Adelaide Polsinelli, Vice Chairman of Compass, a technology- driven real estate platform, has been hired to sell a block through development site, at 408- 410 East 116th Street, in the East Harlem neighborhood of Manhattan, in New York City.
The property is well located between First Avenue and Pleasant Avenue, within steps to numerous new residential developments. It is situated steps from the East River Plaza Mall, anchored by Costco, Target, Marshall’s and Aldi, which offers incredible convenience and value shopping. Within a stone’s throw distance, is the East River Waterfront and multiple parks for outdoor recreation options with easy access to the FDR drive.
The subject lot is approximately 8.805 SF with 53’ of frontage on East 115th Street and 41’ on East 116th Street. The current zoning allows for both residential and commercial development opportunities with 26,415 buildable square feet.
“This is an exceptionally desirable location with its proximity to ample transportation options including the upcoming extension of the Second Avenue Subway, with stops planned at 106th Street and 116th Street.” Noted Adelaide Polsinelli. “Conversely, for those who prefer to drive, this address has easy access to the FDR Drive as well as bridges. In the coming years, with congestion pricing being implemented in NYC, this property sits outside of the central business district and will not be subjected to the associated fees of those traveling by vehicle, “ concluded Polsinelli.
The site will be delivered vacant allowing for a unique opportunity to redevelop a variety of uses including storage, parking, office or residential. The property also affords a potential user the ability to easily accommodate storage and fulfillment needs. The site has a convenient curb cut and can accommodate parking for as many as 20 vehicles.
“The versatility of this site makes it an attractive investment. Additionally, with the housing shortage facing Manhattan, this property offers new developers an opportunity to get in the game, at an affordable basis” noted Adelaide Polsinelli.