Massive East Harlem Development Site Changes Hands for $90 Million

EAST HARLEM, NY — An East Harlem development site for an ambitious but stalled development has been sold from one real estate developer to another for eight figures.

Douglas Durst, of the Durst real estate dynasty, has purchased a 36,000-square-foot lot at the corner of Park Avenue and East 125th Street for $90,955,570, the New York Post reported.

The property was previously owned by developer Ian Bruce Eichern's Continuum Company, who planned to construct a 32-story, 682-unit building on the site, reported New York YIMBY. Eichner's company started working with Durst to offload the property months ago, according to a June report from The Real Deal.

Earlier in 2016, Durst acquired $100 million in distressed debt on the property, and when Durst moved to foreclose on the property the two developers were able to agree on a sale, the Real Deal reported.

As for Durst's plans for the property, the developer is going to start with a clean slate. It appears as if Eichner's plan to build the largest tower in Upper Manhattan has been defeated, as a Durst spokesman told the Post the developer sees the area as a low-rise market.

Photo: Google Maps street view circa May 2016