247 East 117th

Image: Massey Knakal

HAP Investments, the developer behind the wild-and-free Karim Rashid building in East Harlem, is in contract to acquire another site in the neighborhood.

The firm paid $3.2 million for 247-249 East 117th Street, located between Second and Third avenues, the New York Observer reported. The site can accommodate a 12-story rental property with commercial and community space. The developer has tapped Daniel Goldner Architects to design the building.

HAP, based in New York with an office in Tel Aviv, specializes in mid-sized residential and commercial properties. The company’s other projects include a six-story building at 419 East 117th Street and a 30-unit mixed-use development at 120th Street and Second Avenue.

Massey Knakal brokered the sale. The seller originally asked $3.75 million, or $159 per buildable square foot, according to the listing.

“We are excited to have purchased this strategic site in East Harlem and look forward to a future development that will provide new rental housing for local residents as well as others in the Greater New York City area,” Eran Polack, chief executive of HAP, said in a statement.

Developments featured in this article

More Like This

Facebook Chatter