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HAP Investments Drops $13 Million on East Harlem Lot

HAP Investments has just bought a vacant lot on 121st Street and Third Avenue for $13 million, adding to the developers' collection of holdings north of 110th Street. Tahl Propp Equities previously owned the 17,661-square-foot lot, having bought the site in 2010 for $9 million when it came out of foreclosure.

The site is zoned for 91,600 square feet of buildable residential space and 100 linear feet of retail space on Third Avenue. It's unclear what the building will look like, but Matthew Sparks (a senior director at Eastern Consolidated who brokered the deal) confirmed that it would be a residential building, according to The Real Deal.

No word yet on whether Karim Rashid will be hired to whimsify the joint.
· "Another deal in Harlem as HAP buys lot on 121st Street" [TRD]
· All HAP coverage [Curbed]