410 E 115th St 0.09 Acres of Residential Land Offered at $2,750,000 in New York, NY 10029

Cushman & Wakefield (“C&W”) has been exclusively retained to offer for sale the fee simple interest in 410 East 115th Street aka Harlem Renaissance (the “Property”). The Property consists of a 37.5’ by 100.92’ plot of land that is ripe for a new development project. The site, which is situated on a 3,785 square foot lot, comes with approved plans to build a 20,813 square foot residential condominium project with 24 units. The approved plans allow a future developer to go vertical immediately. Alternatively, a developer may choose to alter the plans and take advantage of key new development incentives including the 485-x tax abatement and the recently announced Universal Affordability Preference (UAP). By utilizing these programs, a new developer could increase its footprint and benefit from tax savings in exchange for adding affordable housing to the project.
The Property is situated in the heart of New York’s Harlem neighborhood. The neighborhood has gone through a tremendous transformation over the last few decades. It has seen residential rent growth of 21.7% since 2012 and 11.2% population growth since 2000. This trend is expected to continue as New York residents look for more affordable housing alternatives as the city’s rents continue to reach record highs. 410 East 115th Street is located nearly several transportation options including the 6 train at East 116th Street and Lexington Avenue as well as the 4, 5 and 6 trains at East 125th Street and Lexington Avenue and immediate access to the Metro North via the 125th Street train station.