INVICTUS Property Advisors has been retained on an exclusive basis for the sale of an East Harlem development site, a 30' wide development opportunity located in East Harlem, NY. The property is located adjacent to the Sandero Verde Passive House development, a joint venture by Jonathan Rose Companies, L+M Development, and Acacia Network. The redevelopment of the entire city block, will include 4,000 SF of retail, 90,000 SF of community facility space, and a 20,000-square foot central publicly accessible courtyard with 3 community gardens. A future developer of 91 East 111th Street will benefit from a rise in value due its proximity to this mega-complex "city-within-a-city" which is sure to transform the immediate area.
The subject property is a vacant parcel and given the sliver law, a developer is able to avoid building mandatory inclusionary housing. Development sites in Harlem that fall into a mandatory inclusionary housing zone typically trade for a 30-35% discount to a market rate development. As a result, the proposed build is advantageous and presents developers with the opportunity to build a mixed-use elevator building with market rate housing adjacent to one of the largest new developments in Upper Manhattan slated to bring thousands of new residents to the block.
The property is surrounded by several newly completed condominium development projects - many of which have consistently achieved condo sell-outs in excess of $1,200 / SF. Additionally, rentals in the area for full amenity projects have surpassed $60 / SF. The subject property is in close proximity to Mount Sinai Hospital, The Metro North Railroad and Restaurant Rows on Lenox Avenue and Frederick Douglass Boulevard.
