Rendering of 2252 Third Avenue via ARC Architecture + Design
Just under a year after the East Harlem rezoning won City Council approval, 2252 Third Avenue stands to benefit from it with a magnificent new building. Its former 4.0 floor area ratio (FAR) with an 85-foot maximum building height has jumped to a 10.0 FAR with a 235-foot maximum height; to that end, ARC Architecture + Design has released a rendering showing a 20-story tower with large windows and private balconies for many units. According to the Mandatory Inclusionary Housing requirement that came with the rezoning, 20 to 25 percent of units must be made affordable to households earning 40 to 60 percent of the area median income.
Preliminary rendering via Cushman & Wakefield
However, it will be quite some time before would-be residents in all tax brackets have to think about that: Plans have not yet been filed for the site, and no major transactions have been recorded in ACRIS. According to a listing for the site, new ownership would have the flexibility to maintain the as-is retail asset for the future, develop the site, or sell off remaining air rights. It is currently home to a three-story local department store.
The site is conveniently located a few short blocks from the local and express subway stop at 125th Street. The Dr. Ronald E. McNair Playground is on the same block, and 2252 Third Avenue sits between Triboro Plaza and Marcus Garvey Park for abundant green space. Furthermore, a new building would take shape in a thriving community on the rise. The Smile, a nearby curved complex designed by Bjarke Ingels, is nearing completion and expected to launch leasing soon. It is also a short distance from the massive E125 mixed-used development in the works as well as Extell’s project on a former Pathmark site.
2252 Third Avenue circa fall 2018 via CityRealty
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Michelle Mazzarella
Michelle is a contributing writer and editor for real estate news in New York City
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