Harlem swath sees obstacles to development

Oct.October 12, 2012 10:00 AM

As swaths of Harlem have gentrified through the years, real estate investors were banking that the commercial area around 126th Street and Park Avenue would do the same. But the area has proven surprisingly resistent to the types of changes seen nearby, according to the New York Times.

In August, five properties — four on the west side of Park Avenue, one on the south side of 126th Street — sold to Artimus Construction for $1.35 million. A broker told the Times that the relatively low price is a result of the area’s zoning, which is for automotive and heavy commercial uses; in addition, junk yards surround the property. The site has yet to see any movement toward development.

The seller was BNS Real Estate, which unloaded the properties after being confronted with increased property taxes, code violations, zoning restrictions and stalled development nearby, according to the Times,

“We thought we would get some retail type of use in that area,” Brad Barr, a principal of the company, said. “But none of that happened.”

Consequently, there has been a push for the Community Board to rezone the area  and “some developers are trying to get a [early] foothold,” George Sarkissian, the board’s district manager, said,

Nevertheless, a hotel, an office tower and a commercial corridor have all been recently proposed by developers in the area. [NYT] —Christopher Cameron

Related Articles

(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

From left: Bruce Molser, David Schechtman, Bob Knakal, David Greenbaum, and Judi Pulice

New York’s real estate bigwigs offer predictions for 2020

Following the latest rule changes in New York, Boston appears to be the last major city where tenant-paid broker fees are common practice.

Broker fees for NYC rentals mystified outsiders. Here’s how other US cities do it

Pier 1 store (Credit: Google Maps)

Pier 1 files for bankruptcy, seeks sale

From left: WeWork’s Adam Neumann and SoftBank’s Masayoshi Son (Photo-Illustration by Nazario Graziano)

Piecing together SoftBank’s disruptive real estate bets

The Obamas and 79 Turkeyland Cove Road (Credit: Getty Images, Zillow)

Post-presidential pads: After the White House, what comes next?