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172 E 122nd st - Development Opportunity
0.09 Acres of Residential Land Offered at $3,450,000 in New York, NY 10035
Investment Highlights
- Development Opportunity located in the East Harlem.
- Approved plans for a 7-story residential building with 15 units.
- Shovel ready, with access agreements in place.
- 11,556 square feet is the allowable buildable square footage.
- Eligible for the 421-A tax abatement.
- Property is located in the opportunity zone.
Executive Summary
Prime Location: The property is located between Lexington Avenue & 3rd Avenue and is is just a 4-minute walk to Harlem Art Park and Dr. Ronald E. McNair Playground, both situated on the same street. 1 block away to Police Service Area. It is also close to food markets such as Foodtown of East Harlem and Food Bazaar, as well as North General Hospital, 4 blocks away from the property.
Appreciation Potential: This development opportunity is situated in the vibrant heart of East Harlem, Manhattan, just 0.7 miles from the Mid-Manhattan Adult Learning Center. It is an 8-minute walk to Harlem Village Academies East Elementary & Middle School. Its prime location ensures convenient access to educational facilities.
Excellent Connectivity: Nestled in East Harlem, this property provides seamless connectivity with easy access to highways. Transportation options include the nearby 125 St [4,5,6] Subway Station on Lexington Avenue, which is approximately 0.2 miles away, 6 blocks from the property.
Proximity to Amenities: Experience unparalleled convenience at this strategically positioned development property, offering discerning investors effortless access to local amenities and shops. Nearby attractions include Foodtown of East Harlem and a variety of dining options such as Pizza Plus, Rica’s Tacos for Mexican cuisine and Jimbo's Hamburger. Property is also near to Dollar Tree, and JDI Barbell Gym. Adjacent to the property is Third Avenue Pharmacy Inc. Collectively, these amenities enhance the overall living experience, fostering a holistic and connected community.
Property Facts
| Price | $3,450,000 | Property Subtype | Residential |
| Sale Type | Investment | Total Lot Size | 0.09 AC |
| No. Lots | 1 | Opportunity Zone |
Yes
|
| Property Type | Land |
| Price | $3,450,000 |
| Sale Type | Investment |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Residential |
| Total Lot Size | 0.09 AC |
| Opportunity Zone |
Yes |
1 Lot Available
Lot
| Price | $3,450,000 | Lot Size | 0.09 AC |
| Price Per AC | $39,013,909 |
| Price | $3,450,000 |
| Price Per AC | $39,013,909 |
| Lot Size | 0.09 AC |
An 11,556 square-foot development site on a 52-foot wide lot with approved plans for a 7-story residential building consisting of 15 units and 8 parking spaces.
Description
Development opportunity in the East Harlem neighborhood of Manhattan. The property has 11,556 buildable square feet. There are approved plans for a 7-story residential building with 15 units. The property is eligible for the 421-A tax abatement. The property is shovel ready, with access agreements in place. Approved plans and due diligence documents are available upon request. Situated conveniently near the MTA [4,5,6 lines] Subway Station, accessibility is a strong feature of this location.
PROPERTY TAXES
| Parcel Number | 1770-0045 | Improvements Assessment | $0 |
| Land Assessment | $294,300 | Total Assessment | $247,140 |
PROPERTY TAXES
zoning
| Zoning Code | R7B |
| R7B |
Presented by
172 E 122nd st - Development Opportunity
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