Harlem – Land Lease of Residential Development Site
About This Project
A long time Harlem businessman approached Ralph Trionfo with the desire to net lease his 9,000 Sq. Ft. vacant parking lot ideally located on a corner along 5th Avenue and across from Marcus Garvey Park. The site is virgin land with a residential zoning. Mr. Trionfo assembled a marketing package complete with zoning studies, market data and offered it to qualified developers who were actually pioneers in this surging Harlem market.
The developer was able to identify a qualified developer and structured a 99-year land lease which resulted in a new luxury mid-rise apartment complex containing 23 coop’s with ground floor retail and sub-level parking for 32 vehicles with an aggregated lease value of $42,000,000.