PRESS RELEASE: Avison Young named exclusive sales agent for multifamily property at 341 East 116th Street in East Harlem, Manhattan

New York– The Tri-State Investment Sales Group for Avison Young has been named the exclusive sales agent for 341 East 116th Street, a 4,624-square-foot, four story, two-family property in Manhattan’s East Harlem neighborhood. The asking price is $3,125,000.  

Principal and Head of Tri-State Investment Sales James Nelson is marketing the property on behalf of the owner along with Senior Associate Ryan McGuirl and Principal Brandon Polakoff.

“This is a tremendous opportunity to purchase a property located in the heart of East Harlem,” McGuirl said. “The East Harlem neighborhood is in high demand and 341 East 116th Street offers numerous advantages for buyers, including close proximity to the FDR servicing all major major routes connecting the five boroughs and the tristate area.”

Located on the north side of East 116th Street between 1st and 2nd Avenue, the two-unit townhouse will be delivered vacant with 2,000+ SF of air rights. The garden level unit has direct access to the large backyard, while the owner’s triplex above is currently set up as a 5-bedroom, 4.5 bath unit. Built in 1899, much of the original character exists throughout the property and multiple floors include ceiling heights that exceed 12 feet. The Property has been thoughtfully updated throughout the years and is well situated to be converted into a single-family home, renovated as a live-plus income investment, or converted to an income producing multi-family property.

Nestled in the heart of East Harlem, the neighborhood’s central location, proximity to the FDR and the convenience of the Upper East Side has made East Harlem one of New York City’s highest-profile districts.  Along with its reputation as a neighborhood with abundant dining and shopping destinations, East Harlem is home to new an influx of new condominium and rental developments, as well as beautiful historic townhomes and brownstones.

The 4, and 6 trains are all a short walk from the property, while bus service is available uptown and downtown on First, Second and Third Avenues. The second phase of the Second Avenue Subway will open less than a block away on the corner of Second Avenue and 116th Street. The RFK Bridge and FDR Drive, within blocks of the property, provides vehicle access to all of Manhattan along with the Bronx, Queens and Brooklyn.