Property Detail

Prime West Harlem Investment Package
Prime West Harlem package deal for upside investment or future development site. 264, 276 and 278 West 115th Street are three apartment buildings, 276 and 278 are contiguous with 50' of frontage and 264 is 25' wide a few doors down. Together they comprise of almost 25,000 sf and have air rights for over 5500 more. Three (5) story walk-up buildings located in the heart of valuable Lower Harlem on West 115th Street between Adam Clayton Powell and Frederick Douglass Boulevards. The properties consist of thirty (30) rent-stabilized units, 15 (1) bedroom units, and 15 (2) bedroom units. Current rents are operating substantially below market at $13 per sq. ft., providing a tremendous upside opportunity. J-51 tax abatement is in place with approximately 5 years remaining. The property enjoys one of the most commercially convenient and easily accessible West Harlem locations. The B, C local and 2, 3 express subways are located just around the corner on West 116th Street, providing a quick commute to all midtown and downtown locations. Steps away from 'Restaurant Row' (Fred Douglass Blvd) and shopping destinations on 116th and 125th Street. Rent roll is approximately $327,870 per year, details available upon request. Disclaimer: The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.