321 LENOX AVENUE

Elite ListingMixed Use ManhattanHarlem

$14,950,000

Price

-%

Cap Rate

35

Units

Contact Agent

NOI


Property located at 321 LENOX AVENUEIc expand

JLL has been retained on an exclusive basis to arrange for the sale of 321 Lenox Avenue, a 6-story mixed-use elevator building located on the corner of Lenox Avenue and West 126th Street. Just steps from both Harlem’s bustling West 125th Street corridor and the (2) (3) express subway station, 321 Lenox benefits from tremendous access to public transportation in one of NYC’s most sought-after culinary destinations. While the neighborhood is known for its local institutions and historic architecture, an influx of large-scale development has transformed the area into a 24/7 hub for residents, professionals and tourists alike.

Comprised of approximately 23,750 square feet, the building is configured as 32 apartments and the Corner Social Bar & Restaurant, one of Harlem’s most popular gathering places since opening in 2011. All of the apartments were deregulaed following a substantial rehabilitation of the property in 1986.

7 of the 32 apartments have been renovated within the past 18 months and are currently renting for an average of ~$49 PSF. The remaining 25 units have varying degrees of legacy finishes and are renting for an average of ~$42 PSF, representing a 16% discount to prevailing market rates. Upgrading the apartment finishes, converting the remaining studios to 1-bedrooms, adding amenities and completing cosmetic renovations of the common areas will allow purchasers to add value to the property and increase rents. All units have signed at least one new lease since COVID. A strong post- COVID rebound in rental rates will act as a tailwind for rent growth and serve to further boost value.

Property Details

Block/Lot:1911/29
Lot Dimensions 45.42 x 103.0
Lot Area4,678 sq.ft
Zoning: R7-2
FAR as Built:5.08
Max FAR:6.5

Exclusive Agent

Hall Oster

JLL

Contact AgentView Setup

Sales & Transactions

AddressNeighborhoodBuilding ClassSale PriceSale Date
2034 3 AVENUEHARLEM-EASTS4$2,000,00007/26/2018
349 LENOX AVENUEHARLEM-CENTRALC7$1,380,26307/03/2018
3430 BROADWAYHARLEM-WESTD7$26,200,00006/26/2018
2280 7TH AVENUEHARLEM-CENTRALS1$3,050,00006/18/2018
2266 1 AVENUEHARLEM-EASTS3$2,369,57506/14/2018
54 WEST 125 STREETHARLEM-CENTRALS9$26,500,00006/08/2018
2204 FREDERICK DOUGLASS BHARLEM-CENTRALC7$3,855,00006/05/2018
455 LENOX AVENUEHARLEM-CENTRALS4$4,150,00005/29/2018
2288 ADAM C POWELL BLVDHARLEM-CENTRALS4$1,854,45004/10/2018
100 EAST 117 STREETHARLEM-EASTS2$1,400,00003/21/2018