329 PLEASANT AVENUE

For Sale - Manhattan - East Harlem

$16,000,000

Net Operating Income: Contact Agent

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Key Details

Property Type
MultiFamily
Neighborhood
East Harlem
Property Dimensions
30.0 x 75.0
Property Area
21,346 sq.ft.
Total Units:
20
Stories:
8
NOI
Contact Agent
Price
$16,000,000

Listing Description

Avison Young has been engaged by ownership as the exclusive agent to sell 329 Pleasant Avenue in the East Harlem neighborhood of Manhattan. Located on the west side of Pleasant Avenue between East 117th Street and East 118th Street, the property features 20 residential apartments across 21,346± gross square feet.

329 Pleasant Avenue was designed by famed architect Karim Rashid and finished construction in 2017. The property is comprised of eight studio apartments, 11 one-bedroom apartments and one two-bedroom apartment, all of which are free market. The recently constructed building features state-of-the-art finishes, floor-to-ceiling windows, in-unit washer/dryers, and an elevator. All 20 of the units are free market and boast a superior average rental rate of $59 / SF.

East Harlem’s residential feel, combined with major economic drivers and its proximity to major commercial hubs, thanks to multiple transportation options, continues to attract residents and investors to the neighborhood. 329 Pleasant Avenue offers a potential investor the opportunity to generate future cash flow from one of Manhattan’s most sought-after locations.

329 Pleasant Avenue is being offered as part of a 171-unit, four- property portfolio.

• 20 units; 100% leased and 100% free-market
• New construction with contemporary finishes and in- unit washer / dryer
• Average rental rate of $59 / SF
• Steps from the multiple shops at the East River Plaza
• Blocks from the NYC Economic Development Corporations revitalization project along 125th Street
• Property is in year 1 of a 15-year 421(a) tax abatement program
• Close proximity to the 6 subway line

Property Details

Block/Lot:
1711/26
Lot Dimensions
30.5 x 143.0
Lot Area
4,361 sq.ft
Zoning:
R7A, R7B
FAR as Built:
4.0
Max FAR:
4.0
Allan FriesAvison Young
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