A townhouse at 309 East 109th Street is in contract after asking a whopping $3.125 million. Harlem Bespoke points out that this multi-family townhouse in East Harlem isn't a property that would typically command such a high price, so what's the deal? Turns out the 25-foot-wide, 125-foot-deep lot is zoned for a 14-apartment development with commercial space on the ground floor. It currently has some tenants, but can be delivered vacant. So, the magnitude of this potentially record-breaking transaction isn't really about the newly renovated four-story building (with grass-covered backyard!), but rather about the potential for redevelopment that lies ahead. It might not look like neighboring pricey single-family mansionsand we're looking at you, Neil Patrick Harrisbut the high ask is nonetheless another harbinger of gentrification.
This is how the brokerbabble marketed the property:
Located within 100' from the avenue, the property boasts R8A/C1 - 5 zoning, and has DOB approved plans for a 17,790 sq. ft residential building. The approved plans consist of 12 one-bedroom and 2 two-bedroom units. Nearby residential developments, such as 227 East 111th Street, Magnolia Mansion, and The Ivy have consistently pushed East Harlem sellout values to new heights. The property was renovated in 2008 and features all new plumbing, electric, boiler, and roof. The listing goes on to describe the current rents tenants are paying and the building's yearly expenses. Given all kinds of income-generating possibilities played up in this sale, is it surprising that a buyer took the bait?
· Listing: 303 East 109th Street [Isen Company via StreetEasy]
· DWELL: Record Contract in East Harlem [HB]
· All East Harlem Gentrification coverage [Curbed]