In yet another potential Harlem transformation, a 30,000-square-foot development site is for sale for $5.9 million at 2202-2210 Third Avenue.
Eastern Consolidated is marketing the location on the corner of Third Avenue and 120th Street. A three-story retail building on the site is occupied by Rent-A-Center through 2015.
“The neighborhood is burgeoning,” Adelaide Polsinelli, who’s marketing the property with her colleague Chad Sinsheimer, said in a prepared statement. “Several new residential buildings have been constructed in the area, including Muss Development’s luxury 1198 Third, only one block south and Hunter College’s newly built School of Social work is located only two blocks south. Only a short walk away is Costco, Target, Bob’s Discount Furniture and PetSmart. The beauty of this acquisition is that the new owner will be collecting income while working on development plans. Rent-A-Center, the tenant in place, is currently providing steady cash flow.”
“We feel confident that the right developer will see the value of an in-place income stream for the next couple of years, and ultimately a prominent residential/retail property can be built in East Harlem as the area becomes increasingly more vibrant and active.”
Last month, ABS Partners Real Estate closed on the $6.6 million sale of two Harlem development sites, which may become a hotel. And The Commercial Observer was the first to report on Danny Meyer eying the neighborhood for a possible restaurant.