Brandon Miller and Mark Seigel’s Real Estate Equities Corporation through the entity REEC Third Ave LLC signed a 99-year lease with Lawrence Khedouri’s Khedouri Associates’s EIK Harlem Associates, LLC valued at $27.4 million for 2226 3rd Avenue in East Harlem. The deal closed on March 4, 2020, and was recorded on March 9, 2020. The transaction consists of 1 parcel, including the tax class two-story or store and office (K2). The property is 33,736 square feet. The parcel(s) have total development potential of 189,694 square feet.
The average lease price per square foot is $145.
The 99-year lease was signed on March 4, 2020. The Khedouri family has owned the parcel for more than 70 years. Eliahou Khedouri bought the parcel in the 1940s and leased it to F.W. Woolworth Co. in 1947.