Big opportunity is booming in East Harlem, and 2211 Third Avenue is an empty lot that will soon transform into a new property of rental units. The lot has remained vacant for quite some time, but a rendered design by Karl Fisher Architects’ was unveiled late last winter—and HAP Investments is bringing the new rental building to East Harlem.
The site was purchased from Tahl Propp Equities for $13 million in 2010 and offers 17,661 square feet onsite, and zoned for 91,600 square feet of residential space. The vacant site is projected to include 93 rental units in a 10-story building.
The original press release states that the building will contain mix-use projects, including 26,000 square feet of commercial space and 1,000 feet of community space. The rental building also offers 5,000 square feet of parking space for building tenants.
The mix-use projects are in addition to the 78,000 square feet that will contain the 93 rental luxury units.
HAP Investments’ new rental building is one of several growing large projects in East Harlem including 1800 Park Avenue, the PS 85 School conversion at 2269 First Avenue, and 2183 Third Avenue.
The area is also expecting new 50 story residential towers at East River Plaza with 1100 new units, offering even more housing opportunities for East Harlem.
Professionals are moving to the area as it slowly transforms, leaving vacant lots as major investment opportunities. As the neighborhood undergoes its new era, we can expect to see more transitioning and smart investments coming to East Harlem.