2419-21-23 Second Avenue, NY
245 East 124th Street, NY
247-9 East 124th Street, NY
233-35 East 124th Street, NY
Torresco Realty was assigned an exclusive brokerage to represent the sale of 2419-23 Second Avenue in 2004. Our marketing plan was based on locating a sophisticated developer who would see the potential in this emerging location, purchase the portfolio then move toward a further assemblage of the under utilized adjoining properties. In addition to 2419-23 Second Avenue, the client had dominion over a Letter of Designation from EDC triggering pre-qualification access to 249 East 124th Street and 247 East 124th Street-the two pieces that merged 2419 Second Avenue with the north west corner of East 124th Street. A ULERP ratification and Community Board approval would be necessary if added into the assemblage.
The current owners also held title to 245 East 124th Street which was part of an intricate zoning/air right transfer to property they owned on the south side of East 124th Street. This lot was the lynch pin toward achieving ULERP/EDC confirmation for the broader assemblage. Torresco’s participation in the final
assemblage required four separate transactions to assure a footprint large enough for the purchaser to produce the magnificent development set for occupancy in 2010... done deal!!!
The initial Second Avenue transaction set the parameters for the next transaction Torresco accomplished- the sale of 245 East 124th Street. Thereafter Torresco assisted in the Community Board 11effort to secure 249 and 247 East 124th Street.
Once the assemblage had “closed ranks” and was effectively over 100’ along East 124th Street-Torresco Realty was requested to approach the ownership of 233-35 East 124th Street- aiming at a purchase for site expansion. Subsequent to lengthily negotiations and a resistant seller, Torresco was able to formulate a 49 year ground lease enabling the developer to broaden the potential development footprint and break ground.
Torresco Realty is proud of its contribution and multi-year commitment to the assemblage site which has evolved into a majestic 12-story residential gateway building consisting of 185 units known as Tapestry. This development is the first ever affordable and mixed income construction designed to meet Silver Certification LEED (Leadership in Energy and Environmental Design) guideline standards –the first Green Building in East Harlem.
Torresco Realty LLC was the sole broker in all transactions indicated herein.