Avison Young has been engaged by ownership as the exclusive agent to sell 2338 Second Avenue in the East Harlem neighborhood of Manhattan. Prominently located on the southeast corner of Second Avenue and East 120th Street, the property features 30 residential units, one retail unit and one community facility unit across 27,066± gross square feet. The project is currently under construction.
2338 Second Avenue is located in an Opportunity Zone and qualifies under the “Original First Use Provision” of the tax code. This special provision would allow an investor a unique opportunity to purchase a vacant multi-family building in an established market and take advantage of the tax benefits of the Opportunity Zone Program. The property is expected to be completed in 2019.
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. 2338 Second Avenue offers a potential investor the opportunity to generate future cash flow from one of Manhattan’s most sought-after locations.
2338 Second Avenue is being offered as part of a 171-unit, four- property portfolio.
• Prime corner location
• 30 residential units, 1 retail unit, 1 community facility unit
• New construction with a residents lounge, back garden, a fitness center, laundry room, rooftop terrace and elevator
• The Property will be eligible for a 421(a) tax abatement at the time of completion
• Qualifies under the “Original First Use Provision” of the Opportunity Zone
• Blocks from the NYC Economic Development Corporations revitalization project along 125th Street
• Close proximity to the 6 subway line