Invictus Property Advisors has been retained on an exclusive basis for the sale of 104-106 East 126th Street between Lexington Avenue and Park Avenue.
The property is a (4) four story, elevator-office building with a built out basement. The subject property is a 1910 pre-war commercial building that consists of 14 units and is fully occupied with 5 tenants. The property has 53' of frontage and conversion or redevelopment potential with either 28,602 BSF as a ground up project or 12,382 SF of available air rights above the existing 16,220 SF structure. Located off of the bustling 125th Street commercial corridor, an investor would benefit from a prime Central Harlem location and may add value by either increasing office rates to $40/SF or a rental/condominium residential conversion or redevelopment with rental rates approaching $55/NSF and condo sellouts in excess of $1,100/SF upon current lease expiration. The property falls into a coveted certified opportunity zone (census tract: 36061019600), allowing an investor to realize tax incentives as per IRS guidelines.
The property boasts large floor plates of approximately 4,055 SF and an approximate 1,240 SF usable rear yard which is accessible through the basement. The property is individually metered for electric and has a new water heater. There are HVAC systems on the roof and an elevator that services each story including the basement. All of the units are offices with the exception of unit 1B which is a ground floor retail space. Extensive interior photos are available upon request.
The asset is located just steps away from the 4, 5 & 6 subway lines and the 125th Street-Harlem Metro North Station, the only station besides Grand Central Station that serves all three lines east of the Hudson River. Trains leave for Grand Central Terminal, as well as to the Bronx and the northern suburbs, regularly.