Joe Katz and Mark Miller of Grun Group have bought a development site in East Harlem for $7 million. The property at 224-228 East 118th Street contains a vacant lot and a vacant townhouse, giving the buyers a site for future development.
Ariel Property Advisors announced the sale in a November 6 release. The firm represented the seller, 118 Standard.
Site’s development potential exceeds its land area
The parcel is approximately 7,980 square feet and 79 feet wide. With additional air rights and a light-and-air easement from a neighboring property, Ariel puts its development capacity at approximately 45,313 buildable square feet under standard zoning.
The broker says that rises to approximately 54,376 buildable square feet with the Universal Affordability Preference.
Buildable square footage describes the floor area a development can contain across its stories, not the size of the land beneath it.
Sale places a vacant property in new hands
Ariel’s team on the transaction included Howard Raber, Michael A. Tortorici and Alexander Taic.
Raber described the deal as a sign of developer interest in residential sites offering scale and zoning flexibility. He said competition for development opportunities had strengthened Northern Manhattan pricing during 2026.
Existing transit and shopping serve the area
The property is near the 6 train at East 116th Street and the 4 and 5 trains at East 125th Street. East River Plaza and shops along East 116th Street, Second Avenue and Third Avenue are also nearby.
For the neighborhood, the next change depends on what the new owners develop.
JBizNews Desk | East Harlem, New York
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