Observatory Place, located at 2021 First Avenue, presented a development opportunity with significant upside potential. We based our initial assessment on several key factors. In the first case its’ location as a corner property on the First ave corridor allows a commercial component with a possibility to realize steadily increased income as the neighborhood progresses. Secondly, zoning allowed substantial floor area but more importantly great height giving us opportunities for views of both downtown and the river. As a result of the height and the nature of the adjacent buildings we felt we could expand the building through the purchase of air rights.

As it happened the air rights became available as well as the one story commercial structure to the north. The project expanded from its original 22,000 square feet to 38,000 square feet.

Lastly we felt based upon the particular characteristics of the site we could easily tailor the building to our target market. East Harlem has become a neighborhood that is attractive to young professionals for two primary reasons, proximity and price. In either instance understanding the needs of these buyers and creating an environment that could envision themselves living in was the key to the projects success.

Therefore we created the design and pricing such that a buyer can clearly see the value in living in a better environment for a total monthly cost comparable to rental costs in the area.

We designed the building to provide amenities desirable to our target audience. The building will be a Green Building with a roof-top garden as our target is environmentally conscious. It will have a roof-top gym, doorman and cold storage as our group needs this type of support with their busy schedules.

In addition to the favorable characteristics of this particular site, our ability to assess all aspects of a potential development opportunity and create a viable plan for moving forward made this an attractive opportunity for our investors.

www.observatoryplacenyc.com