220-242 EAST 122ND Street

Ariel Property Advisors presents 220-228 East 118th Street, a prime development opportunity located on the south side of east 118th Street between Second Avenue and Third Avenue in East Harlem.

The 129.08’ wide development site, assembled from three adjacent lots, is currently improved with a single-story 1,500 square foot church, a 3-story 4,224 square foot the multifamily building that will be delivered vacant, and a vacant 5,551 square foot lot. R7-A (4.00 FAR) zoning provides approximately 52,076 buildable square feet (as of right). Please note that for this specific transaction, the purchaser will be required to build and transfer approximately 7,000 square feet (5,100 below grade community facility space and 1,900 sq. ft. of residential space above-grade) to the Assembly of Pentecostal Church. With most of this requirement being below-grade, the total buildable area that can be allocated to the construction of free-market residential space is approximately 50,176 square feet. Additionally, ownership will consider splitting up the assemblage, thereby increasing the flexibility of development potential.

220-228 East 118th Street is in the rapidly expanding neighborhood of East Harlem, an area slated for considerable growth given the neighborhood’s recently passed rezoning. The property is around the corner from a bustling Third Avenue retail corridor and is in close proximity to numerous landmarks such as the CUNY Silberman School of Social Work and The East River Plaza as well as the recently opened New York Proton Center and several new-construction, high-end mixed-use properties are also steps away, including 2283 Third Avenue, 2211 Third Avenue, 2141 Third Avenue, and 181 East 119th Street. Convenient access to lower Manhattan and outer borough locations is provided by the 6-subway train at Lexington Avenue and East 116th Street, the FDR Drive, and a variety of local bus lines. The future Second Avenue subway extension will also be a short walk at Second Avenue and 116th Street.

220-228 East 118th Street offers developers a prime opportunity to take advantage of neighborhood upside and a robust residential marketplace in East Harlem.