Central Harlem value-add opportunity hits the market
JLL Capital Markets is marketing the seven-story 370 Lenox Ave. property in Manhattan
NEW YORK, July 28, 2021 — JLL Capital Markets announced that it is marketing for sale a seven-story, mixed-use building comprised of ~74,500 total square feet at 370 Lenox Ave. in New York City’s Harlem neighborhood for $35 million. The property offers opportunity for conversion and includes over 55,000 square feet of fully-vacant residential space.
370 Lenox Ave, has 198 feet of wrap-around frontage on the corner of Lenox Avenue and W. 129th St.. Current ownership plans to reconfigure the residential component to 55 rental apartments while re-purposing the large basement to create a tenant amenity space. The proposed unit mix will consist of one-, two- and three-bedroom units ranging in size from 550 square feet to 1,114 square feet. The 4,496 square feet of retail space was recently leased to several neighborhood retailers.
The building has recently undergone several capital improvements, including a restored façade, dual-fuel boiler upgrades, modernized elevator cab and new electric/gas service to each apartment.
The elevatored-property is in close proximity to many of Harlem’s best culinary and cultural destinations, including Sylvia’s and The Red Rooster. The building is four blocks from the 125th St. 2/3 Subway Station, providing access to Midtown in under 25 minutes.
The JLL Capital Markets team marketing the property on behalf of the seller is led by Senior Managing Directors Stephen Palmese; Managing Directors Hall Oster and Ethan Stanton; Vice Presidents Teddy Galligan and Conrad Martin, and Associate Braedon Gait.
“This property provides investors with enormous flexibility at a time when there is growing momentum in residential activity,” Palmese said. “Owners can pursue a condominium conversion or renovate the units into high-end rentals with ample room for amenities.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge deliver best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement, or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.