2049 2nd Ave, New York, NY 10029

Building Details

Year Built

1900

Listing office Compass j***@compass.com Show Phone

Listing date Mar 11, 2026

Source Elliman

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Overview

Located in East Harlem, this mixed-use investment property features 12 residential units above a commercial space occupied by a Mexican restaurant. The restaurant contributes over $130,000 annually through base rent, tax contributions, and utility reimbursements. The residential apartments include studio alcoves, one-bedroom units, and one-bedroom units with a home office, with four identical units of each layout. Recent improvements within the last four years include boiler upgrades, roof replacement and waterproofing, lobby and hallway renovations with new tile floors and repainting, new lighting, select unit upgrades with new kitchens and baths and refinished oak floors, a new EIFS/Stucco and Waterproofing facade system on the side and rear, and brick repointing and power-washing. An Alteration Type I Permit was obtained in 2022 for the removal of lot line windows, preparing the property for a new adjacent development site with approximately 25,000 buildable square feet. A live-in superintendent maintains the property. The seller also owns the adjacent development site and is willing to do a package deal for both the building and lot. The neighborhood is expected to benefit from the upcoming 2nd Avenue subway extension up to 125th Street.

Suggested Use

Law Firm Real Estate Agency Accounting Firm Acupuncture Big Box & Wholesale Store Spa & Massage Center Auto Repair Shop Kitchen & Bath Showroom Building Supply Dental Office

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

• Map
• Local Demand

City

New York

County

New York

State

New York

Longitude

-73.943

Latitude

40.7902

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FAQs

What type of property is this?

Mixed-use property - Mixed-use property with residential units and commercial space for sale.

Where is this mixed-use property located?

The property is located at 2049 2nd Ave New York, NY.

What is the asking price?

The asking price for this property is $3,750,000.

What are key features of this property?

This property features: High Net Operating Income (NOI) of over $260,000 and an approximate 7% cap rate.; Commercial space occupied by a restaurant generating over $130,000 annually.; Recent renovations (boiler, roof, lobby, hallways, select kitchens/baths, facade) provide a turnkey investment.