502 118Th St New York, NY 10035

This unique East Harlem property, at 502 E 118th St, offers an exceptional redevelopment opportunity. The asking price is $2,750,000 for this 12,164 square foot, mixed-use building on a rare L-shaped 3,536 square foot lot (20x100 and 25x50). The three-unit apartment building, built in 1899 and spanning three stories across two buildings, sits on a beautiful cobblestone street cul-de-sac. The property boasts a convenient location, one block from the East River Plaza mall (featuring Costco, Target, Marshalls, Aldi, Burlington Coat Factory, and Planet Fitness), and close proximity to public transportation (116th Street crosstown bus and the 6 train). The FDR entrance/exit is two blocks away, with a nearby bike/walking path. The R7A-C4-4 zoning allows for diverse development options, including rental conversion, condo development, medical facility, commercial retail, or a mixed-use building. The property can be delivered vacant and presents a compelling investment for those seeking a 1031 exchange, portfolio addition, or owner-occupied income generation. The attached garage currently fits up to six cars. This first offering in 53 years presents endless possibilities for the savvy investor. The property is currently owner-occupied and has only been lived in by the owner and their family.