The Real Deal New York

Mixed-use Harlem building hits the market for nearly $30M

Property holds 6,000 square feet of retail, 30,000 square feet of vacant office space

May 20, 2014 12:35PM

From left: Adelaide Polsinelli and 145 East 125th Street

From left: Adelaide Polsinelli and 145 East 125th Street

A six-story Harlem building owned by the Kessner family is on the market for $29 million.

The  145 East 125th Street property, also known as 2071-2083 Lexington Avenue, holds 6,000 square feet of retail space and 30,000 square feet of vacant office space on the upper floors. The Kessners purchased the property 10 years ago for $3.9 million, according to the New York Post.

Adelaide Polsinelli and Marcia Yawitz of commercial brokerage Eastern Consolidated have the listing, which they say is located along a corridor that “has become a kind of main-and-main” lined with national retailers like Gap, H&M and Old Navy. A Whole Foods is also in the works for a Lenox Avenue spot between 124th and 125th streets.

Across the street at 142-96 East 125th Street, Gary Barnett’s Extell Development purchased a 450,000-square-foot site with an additional 300,000 square feet of residential air rights for $39 million. [NYP, 3rd item]Julie Strickland

  • Craprate

    Tough deal. Lots of vacant space above that busy retail. Probably a 4% proforma cap rate

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