MK Northern Manhattan team sells East Harlem development site

According to real estate broker Shimon Shkury, his Northern Manhattan team has sold one of East Harlem's largest development sites at 228-238 East 117th St., between Second and Third Aves., for $6.4 million. With 125 ft. of frontage and R7A zoning, the site features about 50,460 buildable s/f for residential development. A one-story, 12,615 s/f garage that has been owned and operated by the same family for 30 years is currently located on the site. "The property sold for $127 per buildable s/f, which is a terrific price in today's market," said Shkury, managing partner for Massey Knakal Realty Services (MK), who led the sales effort. "The location is ideal for future development and is surrounded by a number of commercial and residential projects that have been completed or are under construction." The local investors who bought the property at 228-238 East 117th St. do not appear to have plans to develop it at this time, however, and will maintain it as a garage, according to Michael Tortorici, sales associate for the Northern Manhattan Team.