2029-2031 First Ave

Cushman and Wakefield is pleased to announce the exclusive opportunity to sell 2029-2031 First Avenue, located in East Harlem, NY. The subject property is a 38’ wide development opportunity that is currently operating as a two-story retail building. The lot is zoned R8A
which has a 6.2 FAR for Residential and a 6.5 FAR for Community Facility development. There is a total buildable SF (as-of-right) of 19,402 SF. The existing structure is in good condition and is currently leased to one tenant through March 2029, allowing future ownership to collect rent while in the predevelopment faze. The retail tenant has a demo clause in the lease which gives new ownership flexibility on the development timeline.
Situated in East Harlem, the property benefits from excellent accessibility via multiple transportation options. It is conveniently located near several train lines, including the 4, 5, and 6 lines, providing direct access to Midtown Manhattan and other parts of the city. This location is situated among national chains and local boutiques, which contribute to the area’s retail appeal. The area is home to Harlem’s vibrant cultural hubs, local schools, and several parks and gardens.