83 110Th St New York, NY 10029

Property Details for 83 110Th St

Property type

Commercial real estate

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.