Development Watch: In-Progress East Harlem School Conversion Listed for $22.5M

Curbed New York

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UPDATE: Uh-oh. Someone is in trouble. Acuity Capital Partners reached out to say that the site is actually not for sale, and it was erroneously listed. This post has been updated to reflect this information.

It's been nearly a decade since redevelopment plans were first floated for East Harlem's old P.S. 85 at First Avenue and East 117th Street, and now construction is actually rolling under the direction of Acuity Capital Partners. A listing for the site appeared yesterday, but it has now been de-listed. Evidently, the listing was the product of an overzealous broker. Whoops!

The very short-lived and erroneous listing said the site was asking $22.5 million, and the brokerbabble was dominated by ALL CAPS and exclamation points. Some highlights:
· "Property is current under construction, however, owner is willing to sell to a developer and they can finished the development of the site. Its still early enough for a developer to change plans to another/their own vision.:
· "THE PRICE IS 'VERY' FIRM!!!!!"
· "************NO BROKERS PLEASE!!!!***************"
· "BUYER PAYS A 4% COMMISSION!! SO KEEP THAT IN MIND WITH ANY OFFER THAT YOU MAKE."
· "NO BROKERS PLEASE!!!! PRINCIPALS ONLY....."

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[Left: 2005 rendering. Right: 2014 rendering.]

Current plans call for a four-story addition to the existing five-story building, and renderings by Isaac & Stern Architects showed a someone contextual brick addition, with a big glassy chunk on the corner. It would measure a total of a 69,000 square feet, and hold 90 apartments, plus 4,000 square feet of retail space on the ground floor. The listing notes that the site has a buildable square footage of 71,000.

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· Listing: 2269 First Avenue [StreetEasy]
· All 2269 First Avenue coverage [Curbed]

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