370 LENOX AVENUE

Elite ListingMixed Use ManhattanHarlem

$35,000,000

Price

-%

Cap Rate

53

Units

Contact Agent

NOI


Property located at 370 LENOX AVENUEIc expand

JLL has been retained on an exclusive basis to arrange for the sale of 370 Lenox Avenue, a 7-story, 74,469 SF elevator building featuring 198’ of wrap around frontage on the corner of Lenox Avenue and West 129th Street. The building represents a rare value-add opportunity consisting of approx. 55,000 GSF of vacant, apartments above a fully leased retail component in the heart of Harlem’s Lenox Avenue - 125th Street retail corridor.

The property is surrounded by many of Harlem’s best culinary and cultural destinations and benefits from its close proximity to the 125th Street 2/3 Subway Station. Vacant delivery of the residential provides buyers with flexible pathways to create value by either pursuing a condominium conversion or renovation to a high-end rental in a market with significant constraints to future supply. Both the passage of the 2019 changes to the rent laws and the impending expiration of the Affordable New York Program will act as barriers to new construction in the surrounding area.

In its current configuration the builidng contains 7 stores, 1 community facility space and 45 vacant apartments. Current ownership has prepared plans calling for the reconfiguration of the residential component to 55 apartments. The proposed unit mix consists of a 1, 2- and 3-bedroom units ranging in size from 550-1,114 SF. The 4,496 SF of retail space has been recently leased to a quality mix of neighborhood retailers including Harlem Pilates, Chick n’ Cone, Lenox Coffee, Handpull Noodle, Taste & Taste, Perfect Brows and Felix Gourmet. Each store contains approx. 300-600 SF of below grade storage space. All of the retail leases have been signed in the past two years with average rents of approximately $102.09 / NRSF providing stability at the base of the building.

Central Harlem has weathered the pandemic and poised to benefit from quickly evolving recovery. The Lenox Avenue - 125th Street retail corridor proved its resilience throughout the pandemic and even seen an influx of new, post-pandemic retail tenancies. Both Target and Trader Joe’s signed post-COVID leases for new store openings on 125th Street, illustrating the high level of confidence that corporate retailers have in the area’s future as a thriving retail hub. Limited vacancy and new restaurant openings along Lenox up to 130th Street position the asset to benefit from a growing retail presence in the neighborhood. The property is being offered on an as-is where is basis.

Property Details

Block/Lot:1726/69
Lot Dimensions 117.0 x 109.83
Lot Area10,978 sq.ft
Zoning: R7-2
FAR as Built:5.67
Max FAR:6.5

Exclusive Agent

Brendan Maddigan

JLL

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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