-- Alpha Realty announces the exclusive sale of 308 East 109th Street, an eight-story multifamily building in East Harlem. With its 421a tax abatement nearing expiration, the property offers strong income today and long-term upside for investors.
The 24,655-square-foot building comprises 20 residential units and one commercial space, with layouts ranging from one- to three-bedroom apartments. Current rents average approximately $59 per square foot, supported by the 421a program and offering measurable growth potential as the abatement phases out.
Completed in 2013, the building features high-end finishes, Juliet balconies, and oversized windows with sweeping neighborhood views. Amenities include a roof deck, gym, virtual doorman, bike room, and private storage. These features strengthen tenant retention and overall asset performance.
Positioned between First and Second Avenue, 308 East 109th Street sits near Central Park, the Museum of the City of New York, and the planned Second Avenue Subway extension. The location provides direct access to the (4)(5)(6) trains and a 20-minute commute to Grand Central, reinforcing East Harlem’s appeal for both residents and investors.
At an asking price of $11 million, the offering equates to $446 per square foot, a 6.9 percent cap rate, and a 10.6× gross rent multiple. These metrics position the asset as a value-add play in Manhattan’s evolving multifamily sector.
“This is a unique opportunity to take over a high-end asset with strong in-place income and meaningful upside upon the expiration of the 421a program,” said Lev Mavashev, Founder & Principal at Alpha Realty. “East Harlem continues to see strong demand for quality housing, and this building is perfectly positioned to benefit from that momentum.”
For more information about Alpha Realty and its exclusive offerings, visit: https://www.alpharealtyny.com/featured-listings/
About Us: Alpha Realty is a New York City–based investment sales brokerage firm specializing in multifamily and mixed-use properties. Founded by Lev Mavashev in 2014, the firm has quickly become one of the most active and respected players in the NYC commercial real estate market. With deep experience across Brooklyn, Manhattan, and the outer boroughs, Alpha Realty combines local market expertise with hands-on deal execution, delivering consistent results across transactions of all sizes.
Contact Info:
Name: Lev Mavashev
Email: Send Email
Organization: Alpha Realty - Investment-Sales | NYC Multifamily
Address: 164 20th St Suite 3D, Brooklyn, NY 11232
Phone: (212) 658-0955
Website: https://www.alpharealtyny.com/
Release ID: 89174886
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