81-85 110Th StNew York, NY 10029

This exceptional East Harlem development opportunity presents a 6,055 square foot lot at 81-85 E 110th St, New York, NY 10029, two blocks from Central Park. Currently improved with three retail tenants possessing demolition clauses, generating a net operating income of $150,000. The property is zoned for residential use and offers significant development potential. As-of-right development allows for 31,553 buildable square feet, or 39,359 square feet if designated as a community facility. The land is priced at $139 per square foot, with an asking price of $5,250,000. This 60-foot wide site presents a rare chance to capitalize on East Harlem's thriving real estate market. The property's strategic location and existing income stream make it an attractive investment for developers seeking a high-return project. The existing retail tenants provide immediate cash flow while offering flexibility for future development plans. This is a unique opportunity to acquire a well-positioned property with substantial upside potential in a rapidly growing neighborhood. The permitted zoning ensures a straightforward development process, minimizing potential delays and uncertainties. This property offers a compelling blend of immediate income and long-term development prospects.