Extell Development has officially purchased a 68,676-square-foot East Harlem retail property home to a Pathmark supermarket, The Real Deal has learned.
The building, at 142-96 East 125th Street, is under a long-term lease with Pathmark and includes approximately 300,000 square feet of residential air rights and over 450,000 total buildable square feet with inclusionary housing bonuses. Extell secured the site for $39 million.
Victor Sozio, Shimon Shkury and Michael Tortorici of Ariel Property Advisors represented the seller, the East Harlem Abyssinian Triangle Limited Partnership, and procured the buyer.
“This was a complex transaction which required a pragmatic approach from both the buyer and seller,” Sozio said in a statement. “The site has been a valuable asset to East Harlem since it was developed in the 1990s and we believe it will continue to benefit the community for many years to come.”
East Harlem Abyssinian Triangle board members were reportedly squabbling over the agreement with Extell, according to reports in the Daily News, but finally approved the deal last week.