Lakshmi Capital Opportunity Zone Fund Acquires East Harlem Development Site For $7.1M

2031-2033 3rd Avenue in East Harlem has been sold for $7,100,000. This development site has a buildable square footage (BSF) of 43,875, resulting in a price per buildable square footage (PPBSF) of $161. The sale was facilitated by Ariel Property Advisors, with brokers Michael Tortorici, Mark Anderson, and Evan Hirsch representing the buyer, Lakshmi Capital Opportunity Zone Fund 1 LLC.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $7,100,000
• Address: 2031-2033 3rd Avenue
• Market: East Harlem

Ariel Property Advisors has been actively involved in the development and sale of MIH-designated sites in East Harlem. This transaction adds to their track record, having sold or put in contract over 575k buildable square feet of MIH development throughout New York City.