Ariel Property Advisors
Listed by Ariel Property Advisors
$9,250,000
2256-2260 3rd Avenue
Details
APN 1771/38,1771/39
Property Type Mixed Use
Sub Type Walk-Up Building, Commercial Building
Square Footage 25,200
Units 9
Tenancy Multi
Price per SqFt $367
Buildings 2
Lot Size (SqFt) 7,592
Zoning C4-6 / EHC (MIH)
Investment Type Redevelopment
2256 3rd Avenue, New York City, NY 10035
Marketing description
Corner Mixed-Use Portfolio with Long-Term Development Potential | 76k Buildable Square Feet located at 2256-2260 3rd Avenue in East Harlem, Northern Manhattan.
Investment highlights
- Strategic Manhattan Location: Prime investment opportunity featuring a contiguous property footprint situated at 2256 3rd Avenue and 2258-2260 3rd Avenue in a high-demand pocket of New York, NY (10035).
- Substantial Existing Asset Footprint: Features a combined existing structure footprint of 25,200 gross building square feet distributed across the properties (4,725 SF at 2256 3rd Ave and 20,475 SF at 2258-2260 3rd Ave), providing immediate scale and asset footprint.
- Significant Long-Term Development Capacity: The combined 3rd Avenue footprint holds an impressive 75,920 maximum buildable square feet across a total lot footprint of 7,592 square feet, unlocking substantial future redevelopment scale under Mandatory Inclusionary Housing (MIH) guidelines.
- Significant Unused Air Rights: Immediate project flexibility with 50,720 square feet of available air rights across the two properties to maximize future vertical development.
- Current Unit Configuration: Configured with 9 total existing units, consisting of 7 commercial spaces (1 at 2256 3rd Ave; 6 at 2258-2260 3rd Ave) and 2 residential units (both located at 2256 3rd Ave).
- High-Density Zoning Profile: Exceptional zoning benefits from favorable C4-6 / EHC (MIH) designations, enabling a strong Floor Area Ratio (FAR) potential of up to 10.00 to optimize long-term design layouts.
- Transit and Accessibility: Excellent commuter convenience with immediate access to major Manhattan transportation networks, including the 4, 5, and 6 subway lines at the nearby 125th Street / Lexington Avenue station and the Metro-North Railroad station at 125th Street, alongside multiple local M101, M102, and M103 bus routes running directly along Third and Lexington Avenues.
- Vibrant Location and Neighborhood: Situated in a rapidly evolving corridor of East Harlem, the site is surrounded by a rich mix of local retail hubs, diverse dining options, and public community parks, placing future development directly in the path of ongoing residential demand.
Listing Contacts
Ariel Property Advisors
Listed by Ariel Property Advisors
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Zoning
C4-6 CommercialGeneral CommercialGeneral Commercial
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