246 248 West 125th St, New York, NY 10027

246-248 West 125th Street represents a unique investment/re-development opportunity along the main commercial corridor in Upper Manhattan. The property comprises approximately 5,000 SF of prime retail space with 50 of frontage along the busiest block in Upper Manhattan, the 125th Street retail corridor. The building currently generates an in-place annual income of approximately $681,000 (or $136 sq. ft.) which is well below current market rents of approximately $175 sq. ft. The subject property which is currently occupied by The Childrens Place (4,000 sq. ft.) can be delivered vacant, and there is an exercisable demolition clause with respect to Gold of Harlem (1,000 sq. ft.). Accordingly, future ownership can either position the asset as a premiere commercial building with the existing or new tenants or, alternatively, develop a ground up mixed-use asset. The C6-3/125 zoning designation allows for a total of 30,276 buildable sq. ft. as of right (or 40,368 sq. ft. with the bonus). Situated along the prime retail stretch of 125th Street where retail and residential rents are the highest, investors and developers are presented with a variety of attractive options to maximize the assets full value in the near term. The subject property is located across the street from the famous Apollo Theater and is surrounded increasingly by national tenants, such as The Gap, Red Lobster, Banana Republic, Duane Reade, Designer Shoe Warehouse and Joes Crab Shack. In addition, there are several new developments on the horizon that will further transform the area, including Whole Foods, the Taystee Project, the Corn Exchange Site, the Pathmark Supermarket and the legendary Victoria Theater. Furthermore, the property is within close proximity to Columbia Universitys seven million sq. ft. expansion project, and is within walking distance to the A, B, C and D subway lines on 125th Street and St. Nicholas Avenue.

Property Features