East Harlem deal paves way for new rental tower

An Israeli investor has closed on the purchase of a development site at 1790 Third Avenue, paving the way for construction of a new 52-unit residential rental building, The Real Deal has learned.

The unidentified inventor bought the property, between East 99th and East 100th streets, from Harlem real estate magnate Steven Kessner, who has owned the property since 1996. The investor paid $5.75 million, or approximately $150 per buildable square foot.

The site is currently home to a two-story, 6,500-square-foot commercial building. It came with 8,650 square feet of adjacent air rights from 1788 Third Avenue, according to the listing.

Eastern Consolidated’s Adelaide Polsinelli and Marcia Rose Yawitz represented the seller in the deal. Yawitz also represented the buyer alongside Limor Nesher of residential brokerage CORE. The brokers declined to comment on the identity of the investor, saying only that this would be his first New York City-based project.

Plans for construction of the tower were filed with the New York City Department of Buildings in September by Val Noretz, the director of development at Israeli investment giant Africa Israel, but Noretz said the company has nothing to do with the development. Rather, he said he was filing the plans on behalf of the site’s new owner. He declined to comment on the nature of his relationship with that owner.

The new building will rise to 13 stories and total 41,831 square feet, according to plans. It will be designed by Susan Wright of architecture firm IBI Group.