The Reel

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A blog for breaking sales and neighborhood real estate news.

A development site at 247-249 East 117th Street, located between Second and Third Avenues in Manhattan’s East Harlem neighborhood, was sold in an all-cash transaction valued at $3,200,000.

The site holds approximately 23,528 buildable square feet on a 55’ x 75.67’ lot.  Its mixed-use potential allows developers to benefit from the neighborhood’s surging demand for both retail and residential space.  The sale price equates to approximately $136 per buildable square foot. 

New construction projects are already scattered throughout the neighborhood.  Future tenants will benefit from the site’s proximity to 116th Street and 125th Street, Harlem’s two largest retail corridors which include a variety of national and local tenants.  The newly developed East River Plaza is close by and offers the neighborhood rare access to national big box retailers Costco, Best Buy, and Marshalls.  Public transportation is accessible via the 6 train at Lexington Avenue and East 116th Street, numerous bus lines that service the area, and Metro-North’s 125th Street station.  The site is also near the FDR Drive and Robert F. Kennedy Bridge, providing direct access to the Bronx and Queens.

“This property was quickly snapped up within 60 days of marketing by an experienced developer,” said Massey Knakal’s Robert M. Shapiro, who exclusively handled this transaction with Lev Kimyagarov.

Click here for press release

Neighborhoods: Elmhurst/ Agents: Robert Shapiro