JLL has been retained on an exclusive basis to arrange for the sale of 308 Lenox Avenue, a 25’ wide 4-story mixed-use building located on the East side of Lenox Avenue between 125th and 126th Streets. The entire building is triple net leased (NNN) to The Lenox Public through February of 2024. The property is approximately 6,000 square feet above grade. The first floor is occupied by the restaurant, bar and kitchen of the Lenox Public, the second floor is used as a jazz club which is accessed through a staircase in the rear of the ground floor, floors 3-4 are currently being finished for use as a game room. The property also includes a full basement which is used as prep space by the restaurant.
The property will attract investors looking to acquire a mixed-use asset with zero exposure to Rent Regulation in a Manhattan neighborhood with strong fundamentals and significant long-term upside. 308 Lenox Avenue is ideally situated steps from Harlem’s bustling West 125th Street corridor that has established itself as a highly sought-after neighborhood for residential, retail, and office tenants alike. New large-scale commercial developments and national retail brands continue to transform the immediate neighborhood. The property is located 60’ from the 2, 3 train at 125th providing convenient access to Midtown Manhattan in under 20 minutes.
308 Lenox Avenue offers investors a rare opportunity to buy an NNN mixed use property in one of Manhattan’s most rapidly changing neighborhoods. In addition to the steady cash flow the building also possesses between 2,100 – 4,800 SF of excess air rights (depending on the future use) and flexible zoning that could be used to enlarge the existing structure down the road. 308 Lenox Avenue will be sold on an as-is where is basis.