2025 3Rd AveNew York, NY 10029

Property Details for 2025 3Rd Ave

Year built

2004

Property size (Sq ft)

14,491 SF

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a five-story, 14,491-square-foot mixed-use condominium building located at 2025 3rd Avenue in East Harlem, Manhattan. Built in 2004, the property boasts a strong 6.80% cap rate and a substantial net operating income (NOI) of $354,687. The building comprises ten residential units – three studios and seven two-bedroom apartments – and two commercial units, all separately metered for tenant-paid utilities. Situated on a desirable corner lot, this asset benefits from a 25-year tax abatement expiring in 2032, and offers approximately 10,225 square feet of unused floor area ratio (FAR) for potential expansion or redevelopment. Its prime location near Central Park North, Mount Sinai Hospital, and multiple subway lines ensures high occupancy and strong rental demand. The property's proximity to a vibrant mix of national and local retailers further enhances its appeal and investment potential. The asking price is $5,250,000. The permitted zoning is R9. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a rapidly developing neighborhood.

Location Insight

City

New York

County

New York

State

New York

Latitude

40.7948

Longitude

-73.9421

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