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Old Posted Jun 14, 2014, 5:16 AM
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chris08876 chris08876 is offline
NYC/NJ/Miami-Dade
 
Join Date: Jul 2013
Location: Riverview Estates Fairway (PA)
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Another deal in Harlem as HAP buys lot on 121st Street



Quote:
The lot last sold in 2010 for approximately $9 million when it emerged from foreclosure. Sparks was also the broker on that transaction.
The site includes 100 linear feet of Third Avenue retail and is zoned for 91,600 square feet of buildable residential space.

Prior plans, which weren’t approved by the city and did not materialize, included a potential 10-story residential building on the site.
“There’s a trend of buildings going up on this corridor from 110th to 125th Street,” Sparks said. At least two other residential developments are being built on that same stretch.


Sparks has worked on multiple transactions in Harlem, and told TRD that he has more in the pipeline. Earlier this week, Sparks closed a deal on a package of unsold condos on Manhattan Avenue and 117th Street. A closing on a smaller deal on Third Avenue is expected to take place soon. In addition, Stark has three or four more deals in contract.
“The market is hot,” said Sparks, who has been working in Harlem real estate for many years. “It’s becoming a preferred neighborhood for young professionals to move.”
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June 13, 2014
http://therealdeal.com/blog/2014/06/...-121st-street/
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