Turn-Key, 4 Unit Mixed-Use Building With Air Rights
$1,650,000
261 West 126th Street, New York, NY 10027
5.31
Cap Rate
87,638
NOI
Details:
Description:
Ariel Property Advisors has been retained on an exclusive basis to arrange the sale of 261 West 126th Street, a mixed-use, walk-up building located on the north side of West 126th Street between Frederick Douglass Boulevard and Adam Clayton Powell Junior Boulevard.
The three-story building comprises three residential units and one ground floor commercial unit, which total 3,829 gross square feet. The free market residential units include two 2-bedroom and one 1-bedroom apartments and the ground floor commercial space is ideal for an owner-user looking to build a presence in a rapidly developing block. The property’s R7-2 zoning (3.44 FAR) allows for 6,880 BSF (as-of-right) and 13,000 BSF with a community facility bonus (6.50 FAR).
261 West 126th Street is located within the 125th Street commercial corridor and is adjacent to a brand new development at 265 West 126th Street that will offer 37 apartments, a restaurant, and a tech incubator. Just across the street is the historic Apollo Theater, the mixed-use project at 270 W 126th Street, and the redevelopment of the Victoria Theater, which is now Harlem’s tallest building featuring over 200 rentals and a 210-key Marriott hotel. Additionally, the neighborhood is bolstered by the expansion of Columbia University’s Manhattanville Campus, which is a ten-minute walk from the property. Lastly, the Central Harlem neighborhood is home to countless eateries, retailers, and big brand names, such as Whole Foods, Banana Republic, and Bed Bath & Beyond. The property is transit-friendly, as the A, B, C, and D subway lines are a three minute walk away at the 125th Street and St. Nicholas Ave station. Many bus options are also available including the 3, 10, M60-SBS, 100, 101, and BX15.
261 West 126th Street’s turnkey condition and immediate proximity to new developments, provides investors, developers, and owner-users with a unique opportunity to acquire an asset with considerable upside in an ever-growing neighborhood.
Documents:
| Title | ||
|---|---|---|
|
Investment Flyer
|
Location
Gallery
