Opportunity Zone Development Site with 65’ Frontage & Existing Cash Flow

Description:

Ariel Property Advisors is pleased to present 222-226 West 145th Street, a cash-flowing commercial building poised for redevelopment and located on the south side of West 145th Street between Adam Clayton Powell Jr. and Frederick Douglass Boulevards in Central Harlem. The property is situated within a rare Manhattan Opportunity Zone and benefits from close proximity to the City College of New York as well as high visibility and accessibility from the 145th Street Bridge.

222-226 West 145th Street enjoys 65 feet of frontage along a well-traveled commercial corridor. The existing two-story building comprises three commercial units spanning 11,009 square feet. All units are occupied and in-place leases expire by the end of 2021, thereby providing cash flow as well as redevelopment potential. The property’s R7-2 zoning (4.00 FAR) allows for 25,979 BSF (as-of-right).

Located in the heart of Central Harlem, the property is in close proximity to major institutions including Columbia University Manhattanville, City College of New York, and NYC Health + Hospitals. St. Nicholas Park, Jackie Robinson Park, and Colonel Charles Young Playground provide nearby greenspace. Demand for housing in this pocket of the neighborhood is reflected in the multitude of new construction projects, such as the adjacent redevelopment to the east of the property. The approved plans for 210 West 145th Street call for 72 units atop a church. Lastly, 222-226 West 145th Street is transit friendly, as the A/B/C/D trains are a five-minute walk to the west and equally nearby to the east are the 3 train and 145th Street Bridge. The 1, 2, 3, 7, 10, 102, and Bx 19 bus lines all stop within a couple blocks of the property.

The generous frontage, high visibility, in-place income, short-term leases, and ability to leverage the Opportunity Zone program make 222-226 West 145th Street an excellent Northern Manhattan Development Opportunity.

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