多戶型房屋

370 Lenox Avenue

370 Lenox Ave New York, New York 美國 10027
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文件

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歡迎建立您的 Investor Centre 帳戶,儲存您的搜尋結果及設定投資偏好,儲存及分享投資機遇,查閱獨家文件及更多。如有疑問,請查閱<a href="#">「常見問題」。</a> 您必須先簽署保密協議才可查閱上載於交易室內的專用文件。一經簽署保密協議,表示您同意及確認不會洩露及公開有關本物業的敏感資料。如有疑問,請查閱「常見問題」。

特點

租約類別 永久地權
建築面積
土地面積 ()
Number of units 53

物業簡介

JLL has been retained on an exclusive basis to arrange for the sale of 370 Lenox Avenue, a 7-story, 74,469 SF elevator building featuring 198’ of wrap around frontage on the corner of Lenox Avenue and West 129th Street. The building represents a rare value-add opportunity consisting of

approx. 55,000 GSF of vacant, apartments above a fully leased retail component in the heart of Harlem’s Lenox Avenue - 125th Street retail corridor.


The property is surrounded by many of Harlem’s best culinary and cultural destinations and benefits from its close proximity to the 125th Street 2/3 Subway Station. Vacant delivery of the residential provides buyers with flexible pathways to create value by either pursuing a condominium conversion or renovation to a high-end rental in a market with significant constraints to future supply. Both the passage of the 2019 changes to the rent laws and the impending expiration of the Affordable New York Program will act as barriers to new construction in the surrounding area.


In its current configuration the builidng contains 7 stores, 1 community facility space and 45 vacant apartments. Current ownership has prepared plans calling for the reconfiguration of the residential component to 55 apartments. The proposed unit mix consists of a 1, 2- and 3-bedroom units ranging in size from 550-1,114 SF. The 4,496 SF of retail space has been recently leased to a quality mix of neighborhood retailers including Harlem Pilates, Chick n’ Cone, Lenox Coffee, Handpull Noodle, Taste & Taste, Perfect Brows and Felix Gourmet. Each store contains approx. 300-600 SF of below grade storage space. All of the retail leases have been signed in the past two years with average rents of approximately $102.09 / NRSF providing stability at the base

of the building.


Central Harlem has weathered the pandemic and poised to benefit from quickly evolving recovery. The Lenox Avenue - 125th Street retail corridor proved its resilience throughout the pandemic and even seen an influx of new, post-pandemic retail tenancies. Both Target and Trader Joe’s signed post-COVID leases for new store openings on 125th Street, illustrating the high level of confidence that corporate retailers have in the area’s future as a thriving retail hub. Limited vacancy and new restaurant openings along Lenox up to 130th Street position the asset to benefit from a growing retail presence in the neighborhood.


Repositioning costs will be offset by a number of recent capital improvements including a beautifully restored façade, upgraded dual fuel boiler, new electric & gas service to each apartment and a modernized elevator. In addition, the property benefits from its corner location on a double-wide avenue which provides quality light and air to all apartments. The roof offers excellent views of the surrounding neighborhood and poised for repositioning to support curated outdoor spaces. The property will attract an array of purchasers looking to acquire a value-add

opportunity in a highly supply constrained neighborhood. The property is being offered on an as-is where is basis.

投資亮點

SCALE

198’ of frontage, ~74,469 GSF with a full cellar and a partial sub-cellar


VALUE-ADD OPPORTUNITY

55,147 GSF of fully vacant residential space waiting to be repositioned with ample excess space to add amenities on the ground floor, cellar and roof top.


CASH FLOWING RETAIL

Retail has been fully leased to a strong mix of neighborhood tenants at an average of ~$100 PNSF


LOCATION & CONNECTIVITY

Four blocks from the 125th Street 2-3 subway station providing access to Midtown in under 25 minutes – 2 blocks from Sylvias & The Red Rooster


POST-COVID REBOUND

Well positioned for a post-pandemic recovery. The next owner will benefit from a strong rebound in residential activity with the ability to reposition the building to meet future demand


MULTIPLE EXIT STRATEGIES

Current owner has plans in place to renovate the residential portion of the building and in

the process create 10 new apartments. Future owners could choose to sell the apartments as condominiums or renovate into high end rentals


BARRIERS TO FUTURE SUPPLY

Rent regulation, The HSTPA and potential sunsetting of Affordable New York Program will limit future construction conversion of housing in the neighborhood

Last Updated Date: 19 Aug 2021
Stephen Palmese
Stephen Palmese
Vice Chairman
牌照號碼/資料
NY-10311208021
Hall Oster
Hall Oster
Managing Director, Capital Markets
牌照號碼/資料
NY-10401321782

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Last Updated Date: 19 Aug 2021

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