83 110Th StNew York, NY 10029

Property Details for 83 110Th St

Property type

Land

Description

This exceptional 6,055 sq ft development site in East Harlem, New York (83 E 110th St, zip code 10029), presents a lucrative investment opportunity. Priced at $5,250,000 ($133/buildable sq ft), it offers as-of-right development potential for 31,553 sq ft of residential/retail space, or 39,359 sq ft with the inclusion of community facility space. The property boasts a desirable R7-2/C1-5 zoning designation and a pro-forma NOI of $131,243, yielding a 2.50% cap rate. Currently, the site features three tenants with short-term leases (12-month demolition clauses), including a vacant 2,000 sq ft second floor. Its prime location, two blocks from Central Park and one block from the #6 subway station, ensures high visibility and accessibility. The site benefits from excellent light and air, situated between two new construction buildings on a wide street. As-of-right retail development is feasible, supported by strong local demographics. Comparable nearby rentals achieve $58-62 per sq ft, highlighting the site's significant upside potential. No affordable housing requirements or MIH restrictions apply. This is a rare opportunity to acquire a well-positioned development site in a rapidly growing neighborhood.

Location Insight

City

New York

County

New York

State

New York

Latitude

40.7958

Longitude

-73.9463

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