273 Lenox Ave

Ariel Property Advisors is pleased to present 273 Lenox Avenue, a 17’ wide, recently gut renovated mixed-use walk-up building located on the west side of Lenox Avenue between 123rd and 124th Street. Spanning 3,697 gross square feet, the building is comprised of a ground floor and 2nd floor duplexed 1,918 net square foot commercial unit which rents for $8,000 per month ($50 PSF), and a 1,471 net square foot 2 bedroom-2 bathroom duplex residential unit which rents for $4,000 per month ($32 PSF), both units operating at less than market rents. The building, renovated with high end finishes and appliances, is equipped with highly efficient Mitsubishi heating and cooling units, which allow for ownership to minimize expenses and pass-through to tenancy. Located just a block away from the 2 & 3 train and the bustling 125th Street corridor, 273 Lenox is surrounded by recent and upcoming developments that will add to the historic corridor’s dynamic feel, which includes the highly anticipated shopping center at the corner of 125th Street and Lenox, a half block from 273 Lenox, whose future tenants include Whole Foods, Burlington Coat Factory, and American Eagle Outfitters. Close hotel, office, and retail sites also include The Aloft Hotel, Harlem USA, The Victoria Theatre Development, the Taystee Building, and the newly rebuilt Corn Exchange. The property is conveniently located to Columbia University and the City College of New York. Local attractions include Morningside Park and Marcus Garvey Park, which lay just a few blocks from the asset. 273 Lenox Avenue presents investors and owner-users with an opportunity to own a turn-key mixed use building near the bustling 125th Street corridor, and capture significant rental upside in a rapidly appreciating Central Harlem.