HAP Investments in Contract for East Harlem Site


HAP Investments is in contract to acquire 247-249 East 117th Street in East Harlem from PGC New York 1 LLC, The Commercial Observer has learned. The acquisition price is $3.2 million, according to a source familiar with the transaction.

“We are excited to have purchased this strategic site in East Harlem and look forward to a future development that will provide new rental housing for local residents as well as others in the Greater New York City area,” said Eran Polack, chief executive of HAP, in a prepared statement.

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247 East 117th Street Site. (Courtesy of PropertyShark)
247 East 117th Street Site. (Courtesy of PropertyShark)

The site, located on the north side of East 117th Street between 2nd and Third Avenues, can accommodate a 12-story rental property with commercial and community space, according to a statement announcing the sale. The buyer has tapped Daniel Goldner Architects to design the building.

Based in New York with an office in Tel Aviv, HAP specializes in mid-sized residential and commercial properties. The company’s projects include others in East Harlem and Upper Manhattan, including a six-story apartment building at 419 East 117th Street and a 30-unit mixed-use development at 120th Street and 2nd Avenue.

The sale was brokered by Robert Shapiro of Massey Knakal Realty Services. The seller had asked $3.75 million, or $159 per buildable square foot, according to marketing material from Massey Knakal.