HAP Investments is in contract to acquire a development site at 2211 Third Avenue in East Harlem for $13 million, Commercial Observer has learned.
The buyer intends to develop the 17,500-square-foot site into a 120,000-square-foot mixed-use project, according to a press release announcing the deal. The development will consist of 78,000 square feet of luxury rental residential space, 26,000 square feet of commercial space, 5,000 square feet of parking and 1,000 square feet of community space.
“We are thrilled to have purchased this site in a prime East Harlem location. This 120,000 square foot site will enable us to construct a building which we are certain will have major positive impact in further transforming this part of the East Harlem neighborhood,” said Eran Polack, the chief executive of HAP Investments, in a prepared statement.
The present owner of the site is Tahl Propp Equities, according to PropertyShark. The developer had planned to build a 100,000-square-foot 80/20 project at the site, according to the company’s website. Representatives of the buyer declined to comment on the identity of the seller.
HAP Investments specializes in developing mid-sized residential and commercial properties and has been active in East Harlem and Upper Manhattan. As reported by Commercial Observer, the company agreed to acquire a development at 247-249 East 117th Street in January.
Headquartered in New York, HAP Investments recently agreed to a nine-and-a-half year lease at 3 East 54th Street. The firm, which also operates an office in Tel Aviv, will relocate its headquarters from 347 Fifth Avenue.