2031-2033 3rd Avenue

For Sale$8,000,000

2031 3rd Avenue, New York, NY 10029

  • Retail

2031-2033 3rd Avenue, New York, NY 10029 - Retail Space

2031-2033 3rd Avenue is located at 2031 3rd Avenue in the East Harlem neighborhood, NY, New York, 10029. The Retail building features a total of 43,875 Sqft.

There are 25 retail spaces for lease in the East Harlem neighborhood, totaling 9,321 Sqft of available retail space. The retail space availability for the 10029 zip code is 3,000 Sqft, in 4 retail spaces. The average asking retail rent per sq. ft. in East Harlem is $80/sqft/year.

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Details

  • Sale Price $8,000,000
  • City New York
  • Neighborhood East Harlem
  • Zip Code 10029
  • Property Type Retail
  • Property Size 43,875 Sqft
  • Lot Size 0.11 Acre
  • Date Updated 29 Apr, 2020

Looking for more in-depth information on this property? Find property characteristics, ownership, tenant details, local market insights and more. Unlock data on CommercialEdge.com.

Description

Ariel Property Advisors presents 2031-2033 Third Avenue, a rare 50' wide development opportunity on the east side of Third Avenue in Manhattan’s rapidly up and coming East Harlem neighborhood.

Located between East 111th and East 112th Streets, this 50' x 100' (irregular) property was recently rezoned to R9/C2-5 (FAR: 9.00/2.00), which provides approximately 43,875 buildable square feet (as-of-right) for a mixed-use development. The property is currently improved by a single-story retail building that spans the full lot and is occupied by a grocery store. The existing lease has a provision that gives the option to require the tenant to vacate the property with a 120-day notice. Please note that the site is subject to a Mandatory Inclusionary Housing (MIH) zoning provision that requires the residential portion of a new project to comply with either MIH Option 1 or the ''Deep Affordability Option'' (please independently verify all zoning calculations and regulatory requirements).

2031-2033 Third Avenue is surrounded by a host of successful condominium properties that are achieving record pricing in the area. These include North Park Tower at 1399 Park Avenue, The Cereza at 1790 Third Avenue and 77 Condominiums at 77 East 110th Street. Its 50’ of frontage along a major retail corridor presents significant long-term upside, and the property enjoys close proximity to major attractions & institutions like Central Park, Thomas Jefferson Park, Mount Sinai Hospital and the East River Plaza. Convenient access to downtown and outer borough destinations is provided by the 6 train at Lexington and 110th Street, FDR drive and several local bus lines. It will also benefit from the eventual completion of the 2nd Avenue Q train, which will have a station at East 106th Street that is a short walk from the property.

Offering accessibility, scale and prime location in a rapidly appreciating neighborhood, 2031-2033 Third Avenue represents an outstanding Northern Manhattan development opportunity.

FREQUENTLY ASKED QUESTIONS

What is the total square footage of 2031-2033 3rd Avenue?

2031-2033 3rd Avenue totals 43,875 square feet.

East Harlem Demographics

The average household income in zip code 10029 is $68,078, from a total of 31,690 households. In terms of employment, there are 89.08 % white-collar and 10.92 % blue-collar jobs in zip code 10029.

Population

  • Total Population98,494
  • Male Population(46.1 %) 45,406
  • Female Population(53.9 %) 53,088
  • Median Age35.30

Income/Financial

  • Average Household Income$60,935
  • Median Household Income$34,016
  • Median Income Under 25$33,328
  • Median Income 25-44$50,621
  • Median Income 45-64$32,325
  • Median Income Over 65$19,318

Commercial Brokers Register now to add listings

Michael A. Tortorici

Ariel Property Advisors

(212) 544-9500 x 13

Victor Sozio

Ariel Property Advisors

(212) 544-9500 x 12

Matthew L. Gillis

Ariel Property Advisors

(212) 544-9500 x 42

Marko Agbaba

Ariel Property Advisors

(212) 544-9500 x 32

Matthew Lev

Ariel Property Advisors

(212) 544-9500 x 5271