JLL has been retained on an exclusive basis to arrange for
the sale of 164 West 128th Street, a 38’ wide, 4 story walk-up
located on the south side of West 128th Street between Lenox
Avenue & Adam Clayton Powell Boulevard.
The building is configured as 16 one-bedroom apartments
and is comprised of approximately 10,348 SF. 13 of the units
are renovated Free Market apartments which are renting for
an average of $2,409 per month and the remaining 3 are Rent
Stabilized averaging $1,415 per month which represents a 40%
discount to market. In regard to infrastructure, the building is
heated via a #2 oil fired boiler and is individually metered for
both gas and electric.
Possible value-add opportunities include modernizing
common area finishes, transitioning to split HVAC units,
and adding a public roof deck. The property also possesses
approximately 2,542 SF of excess air rights and is located
within an Opportunity Zone and adjacent to a vacant lot.
164 West 128th Street benefits from its location within
Central Harlem which has seen tremendous growth in
recent years. The area has a true neighborhood vibe with
a mix of new additions with bars like; Harlem Hops, The
Row Harlem, Harlem Ale House and restaurants such as,
Babbalucci and Red Rooster, along with old neighborhood
staples like Sylvia’s and the Apollo Theater. Many more
attractions are located on the thriving Lenox Avenue retail
corridor which is located one block to the east of 164 West
128th Street. The property also benefits from easy access
to public transportation being just a short walk to the 2, 3
express station at 125th Street and Lenox Avenue as
well as the A, C, B, D lines at 126th Street and St. Nicholas
Avenue. The building’s central location and access to public
transportation will act as a sustained catalyst for demand
from tenants looking to experience all that Central Harlem
has to offer.
164 West 128th Street will appeal to investors seeking a low
maintenance, mostly Free Market building with additional
upside and strong underlying fundamentals. The property will
be sold on an as-is where-is basis.