The Real Deal New York

The New York City Economic Development Corporation has begun accepting bids for the redevelopment of East Harlem’s Corn Exchange Building, a city landmark. The EDC said it’s aiming for a developer to either purchase or take out a ground lease on the building, which sits on 4,500 square feet and is zoned for residential or commercial use. The building, which sits on the corner of Park Avenue and 125th Street, was once six stories tall, but deteriorated due to decay and neglect. Early last year, the Department of Buildings ordered that the upper floors be removed due to safety concerns. “After years of seeking to regain control of the underutilized Corn Exchange Building, [the EDC] is proud to be taking this important step in the redevelopment of this neighborhood landmark,” said Seth Pinsky, president of the EDC. It was not immediately clear how much the purchase of the site or ground lease would cost. TRD