John J. Stewart & Associates of Marcus & Millichap is the exclusive sales broker for 423 East 117th Street, a five-story elevator building between First and Pleasant Avenues in East Harlem. The property was built in 2011 and has received a 421-A tax abatement since 2015 and will end in 2040.

The subject property measures approximately 18.75 feet by 70 feet totaling approximately 7,000 square feet and sits on an 18.75 foot by 100.92-foot R7B-zoned lot. The property has no remaining developable rights and is neither landmarked nor part of a historic district.

The subject property contains eight apartments which are all rent stabilized. Of the eight apartments, two apartments on the third floor are affordable. The unit mix is two two-bedrooms, three one-bedroom apartments, and three studio apartments. Each apartment has its own water heater and PTAC unit. The building is outfitted with a security system.

The building is situated a block away from the East River Plaza, five blocks away from the 116th Street subway station and adjacent to the Home Depot Children’s Garden. The neighborhood is expected to gain new housing and commercial corridors along the Avenues due to the recent East Harlem Rezoning. Future neighborhood developments include the renovation of Pier 107, Sendero Verde which will bring a new school, YMCA, supermarket and 680 affordable apartments and a condo building at 2282 2nd Avenue. The future extension of the Second Avenue subway will provide more investment opportunity for East Harlem.