Discover a rare and exceptional development opportunity in the heart of Harlem at 262-264 West 135th Street. This unique property, currently a vacant building, is situated on a substantial lot of 2, 898 square feet with dimensions of 29 by 99. 92 feet, presenting an unparalleled canvas for visionary developers. The property boasts mixed-use zoning (R7-2, C1-4), offering a diverse range of development possibilities. The flexible zoning accommodates both residential and commercial uses, allowing for the creation of a dynamic and multifaceted development. With a residential Floor Area Ratio (FAR) of 3. 44, there is potential to construct up to 9, 900 square feet of residential space. Additionally, the facility FAR of 6. 5 further enhances the opportunity, permitting an expansive development of up to 18, 837 square feet, ideal for a combination of residential, commercial, and community spaces. Located in a prime area of New York City, the property ensures excellent connectivity with easy access to cross-town buses and the 2/3 and B/C subway lines. Its proximity to St. Nicholas Park, various successful condominium developments, and convenient public parking options add to its appeal, making it an attractive location for both residents and businesses. This property is not merely a building; it is an opportunity to create a mixed-use masterpiece in a neighborhood brimming with life and potential. Whether envisioning upscale apartments, bustling retail spaces, or essential community facilities, this property offers the flexibility and scope to bring ambitious projects to fruition. This is a chance to invest in and shape the future of West 135th Street, a vibrant area synonymous with growth and opportunity. Seize this moment to make a lasting impact on one of New York City's most dynamic neighborhoods.
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Our Executive Mortgage Banker:
Our Insurance Division:
$1,975,000
William Raveis Real Estate
Phone: 888.699.8876
Contact@raveis.com
VP, Mortgage Banker
William Raveis Mortgage, LLC
Phone: 347.223.0992
Sarah.Alvarez@Raveis.com
NMLS Mortgage Loan Originator ID 1880936
5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
|
---|---|---|---|
Loan Amount | $1,580,000 | $1,580,000 | $1,580,000 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 6.000% | 6.750% | 6.500% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 7.377% | 6.851% | 6.664% |
Monthly Tax Payment | $614 | $614 | $614 |
H/O Insurance Payment | $125 | $125 | $125 |
Initial Principal & Interest Pmt | $9,473 | $10,248 | $13,764 |
Total Monthly Payment | $10,212 | $10,987 | $14,503 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.