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Avison Young has been exclusively engaged by ownership to offer a development site at 60-68 East 116th Street
(the “Property” or “Site”) for long-term ground lease. The Property, located in the East Harlem neighborhood of Manhattan, is comprised of two adjoining lots, both zoned R7-2 with C1-4 overlay, which allows a maximum residential FAR of 4.00x and community facility FAR of 6.50x. With its combined lot size of 10,092± square feet, 60-68 East 116th Street offers 40,368± buildable square foot residential, 20,184± buildable square foot commercial, or 65,598± buildable square foot community facility.
The Site is located along the vibrant East 116th Street retail corridor, between Madison and Park avenues, and just six blocks from the top of Central Park. The 2017 Harlem Rezoning inspired the development of four million square feet of residential, hotel, office and retail space, which infused energy into the neighborhood and modernized the neighborhoods of Upper Manhattan. The rapid infusion of this housing attracted residents from southern Manhattan and elsewhere seeking more affordable rents. Because of the influx of new residents to the community, retail and service amenities have been drawn to this new base of consumers. Convenient local transportation options are readily available within two blocks by the 2, 3, 4 and 6 trains, along with regional connections for commuters through the Metro-North Station at East 125th Street.
Ownership is seeking an investor/developer who is prepared to build a notable market-rate residential, mixed-use or community facility building under a long-term lease for the Site. Specific lease terms have not been finalized at this time but will be distributed prior to a call for offers. Lease offers are expected to include an upfront payment, periodic contractual increases, and rent reset. and will contain standard guarantees and security requirements based on the contemplated development.
Ground lease opportunity
40,368± ZFA residential; 20,184± ZFA commercial; 65,598± ZFA community facility
9,000± existing building
Retail units occupied on a month-to-month basis
100 feet of frontage on 116th Street
Over 4 million square feet of new development nearby
Affordable NY (421a) eligible
2 blocks from the 116th Street Station 2,3,4,6