David Goldberger Acquires East Harlem Development Site From Sharon Kahen For $18 Million
2197 3rd Avenue
$18,000,000
Building Size
—
Asset Type
Development Site
Closing
Dec 16, 2025
AI
A development site located at 2197 3rd Avenue in East Harlem, Manhattan is currently under contract. This shovel-ready lot is approved for a 105,000-square-foot mixed-use project that will include 140 units, with 34 designated as affordable housing. The property has an asking price of $18,000,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $18,000,000
- Buyer: David Goldberger
- Seller: Sharon Kahen - Golani Development Group
- Deposit Amount: $1,400,000
- Closing Scheduled: 2026
- Market: East Harlem, Manhattan
Sharon Kahen, representing Golani Development Group, entered into a contract with David Goldberger after his attempt to acquire a nearby historic church was unsuccessful. This transaction involves a 421-a–vested site that aligns with Goldberger's development plans.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.88%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93