The Real Deal New York

Here’s the latest project headed to rezoned East Harlem

Investor pre-files application for 20-story rental building
By Mary Diduch | February 12, 2019 08:30AM

A rendering of 2252 Third Avenue (Credit: ARC Architecture + Design)

A new 20-story mixed-use building is headed to East Harlem, which already has a handful of major projects underway following the neighborhood’s rezoning.

The project, at 2252 Third Avenue, between 122nd and 123rd Streets, will span 53,900 square feet and hold 61 residential units and retail space, according to an application pre-filed with the city’s Department of Buildings. It would replace a three-story commercial building currently on the lot.

The residential units will be rentals, and the project also has an affordable housing component, said investor Roy Moussaieff, one of the partners behind the development. Moussaieff declined to name his other partners and said a developer has not yet been selected for the project. The partnership is in contract to buy the site from CSN Realty Corp., according to property records. Moussaieff would not say for how much.

The City Council in 2017 approved changing part of East Harlem’s zoning to spur economic development and preserve affordable housing. The change, which covered 96 blocks, was the third rezoning under Mayor Bill de Blasio’s Mandatory Inclusionary Housing program.

Though Moussaieff’s new project falls within the rezoned area, the investor says he has been active in the neighborhood for a bit. The developer has completed other smaller projects in the neighborhood, including a four-story apartment building conversion at 318 East 117th Street, he said.

Meanwhile, there are other large developments underway elsewhere in the neighborhood.

The Richman Group is building a 19-story-tall residential complex at 201 East 125th Street. That project will hold 404 units and span 420,000 square feet — making it one of the largest developments underway in the city.

And at 1681 Madison Avenue, Jonathan Rose Companies and L&M Development Partners are constructing a 384-unit development. The building is part of the Sendero Verde complex.