The Real Deal New York

Eastern Consolidated to market $14.5M East Harlem portfolio

Mixed-use properties offer 36,000 square feet in total, plus additional air rights
April 29, 2014 12:52PM

Commercial brokerage Eastern Consolidated has been tapped to market three adjacent corner properties along Second Avenue at 112th Street in East Harlem, The Real Deal has learned exclusively.

The mixed-use, walk-up building trio at 250-254 East 112th Street, 256 East 112th StreetAnd 258 East 112th Street is asking $14.5 million, according to a release from the brokerage. The properties are currently 100 percent occupied by three retail stores and 38 apartment units, 28 of which are rent stabilized and 10 which are market rate. The properties total nearly 36,000 square feet and offer an additional 24,845 square feet of unused air rights for future development, according to the release.

“The portfolio is well-maintained and requires no investment on the part of the buyer, so the buildings can be left in place, or, collectively, they encompass more than 60,000 square feet of an exciting redevelopment opportunity,” Adelaide Polsinelli, who is representing the seller along with Ronda Rogovin and Jamie Rogovin, said in the release.

The four-story property at 2171 Second Avenue (or 250-254 East 112th Street) was gut renovated from 2003 to 2006 and a fourth floor was added. The Duck Bar occupies the ground-floor retail space. The adjacent 256 East 112th Street is also a four-story, mixed use building with three market-rate apartments and one retail store. The five-story corner building with a penthouse at 258 East 112th Street includes 83 feet of frontage along Second Avenue, as well as 12 apartment units and two retail stores. — Julie Strickland