321 Lenox Avenue, New York, NY

Market Price

Price

23,750 sqft

Building Size

4,678 sqft

Lot Area

Overview
Building Size
23,750 sqft
Lot Area
4,678 sqft
Units
33
Zoning
R7-2
Floors
6
Number of Elevators
1
Description

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. Following a
Substantial Rehabilitation of the property in 1986, all of
the apartments were fully deregulated and are currently
on Fair Market leases. They have been renovated on
a piecemeal basis from 2011-2012 and are currently
renting for approximately ~$48PSF. Upgrades to the
apartment finishes and cosmetic renovations of the
common areas will allow purchasers to add value to the
property and increase rents.

The retail tenant, Corner Social Bar & Restaurant,
is a neighborhood staple in a retail corridor that
consistently carries little to no vacancy. The popular
eating and drinking establishment is located amongst
a row of famed restaurants and bars that include

Sylvia’s and the Red Rooster. The retail is leased through
2023 for approximately $114 PSF with 3% annual rent
increases. The lease is currently below market rent and
also includes a 25% RE tax recovery over a base year
of 2011/2012. On top of its residential and retail rents,
the property also receives income from two Cell Towers
located on the roof that pay a combined annual rent of
$50,396.

The building is heated by a new gas-fired boiler and
is sub metered for both gas and electric. A series of
recent major building improvements include upgrades
to the boiler, electrical systems, elevator and roof. As
a result, the well-maintained offering requires little
need for immediate capital expenditure.

321 Lenox will appeal to investors who appreciate the
strong fundamentals of the underlying submarket, as
well as those seeking opportunities sheltered from
exposure to rent regulation. Coupled with the area’s
strong cultural ties, the unique mixed-use nature of
the surrounding building stock will continue to drive
residential and retail rents for the foreseeable future.
The property lies within an Opportunity Zone and is
located outside of all Historic Districts. It will be sold on an as-is where is basis.

Highlights
  • Curb appeal, 143' of wraparound Frontage on Lenox Avenue & West 126th Street
  • 100% Free Market
  • Remaining Upside
  • Proven Harlem Neighborhood
  • Outstanding Physical Real Estate
  • Protected Air & Light, at the intersection of double wide avenue providing light and air to apartments perpetually
  • Prime Retail Corridor
  • Location and Connectivity

Location
Gallery