Rendering via EPIC Commercial Realty
An East Harlem hostel at 2147 Second Avenue is on the market with an asking price of $7.875 million.
Located between 110th and 111th streets, the nine-story building sits on a 2,252-square-foot lot and has 16 guest rooms, with a retail unit on the ground floor. The tenant, International Students Residence, has a 10-year triple-net lease.
EPIC Commercial Realty, formerly Itzhaki Properties, is marketing the hotel. “East Harlem is now on the radar screen of both domestic and international investors and developers,” EPIC’s Shay Zach said in a statement. “The neighborhood is going through a gentrification process, and will be boosted by the upcoming 2nd Avenue subway.”
The property has a 421a tax abatement for 15 years.