308 E 106th St

• - 60% complete stalled multifamily development ready for completion
• - Rare opportunity to complete class-A multifamily property in undersupplied East Harlem neighborhood
• - Opportunity offers investment flexibility for future ownership (programs, users, condo or rental)
• - 50' of frontage along East 106th Street
• - Project still qualifies for Affordable New York tax abatement

Property Description

Newmark has been exclusively retained to solicit qualified bidders for the foreclosure sale of 308 East 106th Street. The Plaintiff shall sell the Property to the person or entity making the highest and best offer at the auction and as approved by the Stipulated Order and Judgment of Foreclosure and Sale (Index Co. 850087/2023). The approximately 21,000 SF multifamily development is located on the south side of East 106th Street between First and Second Avenues in the East Harlem neighborhood of Manhattan. Construction on 308 East 106th Street began almost three years ago, but currently sits ~60% complete. The project yields an 8 story, 22-unit rental building (also mapped for condo) with a ground floor commercial component and sub-terranean garage. The proposed improvements include 15,181 residential SF, 1,228 SF of ground-floor commercial and 8 parking spaces. The residential unit mix consists of four (4) studios, twelve (12) one-bedrooms, four (4) two-bedrooms and two (2) three-bedroom style apartments. Situated across two tax lots, the asset offers 50’ of frontage along East 106th Street, a double-wide throughway one block from FDR Drive. The Estimated Cost to complete the project is approximately $5,000,000 in total.