The Real Deal New York

Extell makes deal for Harlem Pathmark official

Seller finally approved sale for $39M
By Katherine Clarke | April 16, 2014 06:45PM

Extell Development has officially purchased a 68,676-square-foot East Harlem retail property home to a Pathmark supermarket, The Real Deal has learned.

The building, at 142-96 East 125th Street, is under a long-term lease with Pathmark and includes approximately 300,000 square feet of residential air rights and over 450,000 total buildable square feet with inclusionary housing bonuses. Extell secured the site for $39 million.

Victor Sozio, Shimon Shkury and Michael Tortorici of Ariel Property Advisors represented the seller, the East Harlem Abyssinian Triangle Limited Partnership, and procured the buyer.

“This was a complex transaction which required a pragmatic approach from both the buyer and seller,” Sozio said in a statement. “The site has been a valuable asset to East Harlem since it was developed in the 1990s and we believe it will continue to benefit the community for many years to come.”

East Harlem Abyssinian Triangle board members were reportedly squabbling over the agreement with Extell, according to reports in the Daily News, but finally approved the deal last week.

  • We need more housing

    Please, please, please don’t build any affordable housing here. The last thing Harlem needs is more affordable housing. Build 50 stories of market rate housing please…….

  • Jon

    What happened to the board yapping about how there was no way this would get approved and that they would never sell out their community?
    I guess $$$ talks…

  • FJSR

    So no more Pathmark on 125th and Lexington. Where are the people in the area going to do their food shopping? Abyssinian Development Corp. (aka Abyssinian Baptist Church) run by Dr. Calvin Butts has sold out this community for cold, hard cash. ADC fought to get Pathmark to open up a store there over 20 years ago, and now the people in this area have the rug pulled out from under them. Way to go Butts!

    • mike

      Surely you cant be that silly. I’m sure ADC could do a whole lot of good for the community with a cool 40,000,000.

  • NYC has become a joke

    I suggest the locals in the are boycott so called “Abyssinian Baptist Church” as it has become all the more clear that money is worth more than the lives of the people living and serving in that community.

    • NYC has become a joke

      spelling typo: it should read “the locals in the area boycott”, not “locals in the are boycott”