Another deal in Harlem as HAP buys lot on 121st Street

UPDATED, 2:55 p.m., June 16: In yet another residential transaction in Harlem for HAP Investment Management, the firm bought a vacant corner lot on Third Avenue and 121st Street for $13 million.

Tahl Propp Equities previously owned the 17,661-square-foot site, which is located at 2211-2217 Third Avenue and 214-216 East 121st Street. Matthew Sparks, a senior director at real estate investment services firm Eastern Consolidated, represented both sides in the transaction.

The lot last sold in 2010 for approximately $9 million when it emerged from foreclosure. Sparks was also the broker on that transaction.

The site includes 100 linear feet of Third Avenue retail and is zoned for 91,600 square feet of buildable residential space.

It’s unclear what the building will look like, but it will definitely be a residential development, Sparks told The Real Deal.

Prior plans, which weren’t approved by the city and did not materialize, included a potential 10-story residential building on the site.

“There’s a trend of buildings going up on this corridor from 110th to 125th Street,” Sparks said. At least two other residential developments are being built on that same stretch.

Sparks has worked on multiple transactions in Harlem, and told TRD that he has more in the pipeline. Earlier this week, Sparks closed a deal on a package of unsold condos on Manhattan Avenue and 117th Street. A closing on a smaller deal on Third Avenue is expected to take place soon. In addition, Stark has three or four more deals in contract.

“The market is hot,” said Sparks. “It’s becoming a preferred neighborhood for young professionals to move.”

The buyers’ attorney was Adrian Zuckerman of Seyfarth Shaw. The sellers’ attorneys were Brian Beller of Phillips Nizer and Neda Barzideh-Levy of Tahl Propp.