Former school offered for sale with its own condo plan.

AFC Realty Capital is offering a former Harlem school for sale with plans to expand the existing structure from 45,000 to up to 71,000 s/ f and convert it to residential condominiums.

The architecturally distinctive, Beaux Arts building at 2269-75 First Avenue lies on one of the largest pieces of developable land east of 5th Avenue in the reinvigorated Harlem neighborhood, according to the Manhattan-based real estate investment banking and financial advisory firm. "The five-story building and adjacent vacant lot on the corner of First Avenue and 117th Street represents a unique residential developmental opportunity," notes AFC president Arthur Fefferman.

"One of Harlem's larger offerings, the corner property is located in the heart of the neighborhood's dramatic resurgence, with numerous renovations and new construction projects rapidly changing the face and value of the streetscape."

Harlem has attracted a desirable and unique mix of retailers over recent years and this building is in the middle of the rebirth, Fefferman indicates.

The property is just two blocks west of the East River Plaza, a 500,000-sq.-ft. retail center now under construction that will house a Home Depot, a Costco and a Marshalls.

"New buildings and retrofit projects are sprouting everywhere in the vicinity," Mr. Fefferman points out. "With the nearby FDR Drive and the Lexington Avenue subway's 116th Street station providing easy access to and from downtown and the outer boroughs, the site presents significant advantages for redevelopment."

A proposed conversion plan, developed by architects BKSK, calls for a new addition that rises three stories above the roof on part of the original building and a full five stories alongside the existing structure on the : First Avenue side.

That expands usable living space from 45,141 to more than 71,000 s/f and adds a recreation area on the roof I of the addition.

"This building is unique in a variety of ways," Fefferman says. "For example, the original structure--formerly formerly formerly RS. 85--was the first in a series of fire-proof buildings built by the New York City school system. It's another characteristic that separates 2269-75 First Avenue from surrounding projects."

The proposed development plan capitalizes on the building's existing 14-ft.-high ceilings and floor-to-ceiling windows on the upper four floors to create spacious luxury condominium loft units with substantial storage space.

"The modern glass-dominated architecture for the addition contrasts with the distinctive beaux arts design of the original facade," notes Fefferman.

"Layouts feature generous terraces oriented primarily to the street and the avenue, and bedrooms and kitchens open to the south and rear yard.

Ground-floor commercial space is suggested for the First Avenue side of the existing building and the addition. The residential entry is on the quieter street side of the building through a restored main entrance.

"Obviously, the new owners can do what they want with the building," Fefferman points out "We just figured that presenting a plan to reuse the structure in a dramatic new way would greatly enhance its desirability as a prime residential development site."