117 West 142nd Street

Ariel Property Advisors is pleased to present 117 W 142nd Street, a 6 story multifamily walk-up building located on the north side of West 142nd Street between Adam Clayton Powell Jr. Boulevard and Lenox Avenue. Spanning 19,668 gross square feet, the building contains 25 residential units which are made up of 7 spacious three-bedroom apartments, 18 two-bedroom apartments that include a flex room, and 1 two-bedroom apartment. The units throughout the building are currently rent-stabilized, providing investors the opportunity to turn units over to free market status and take advantage of a strengthening rental market in the rapidly expanding neighborhood of Central Harlem. Ownership gut renovated the building in 2011, during which the common areas were redone with exposed brick, new doors for each apartment, and upgrades to the mechanicals and electrical systems. Additionally, the building benefits from a J-51 tax abatement which is set to expire in 2031. 117 W 142nd Street is located within walking distance to several institutions and attractions such as City College, The Dance Theatre of Harlem, Harlem School of the Arts, Aaron Davis Hall, and Saint Nicholas Park. Tenants also benefit from the buildings’ proximity to the 3-subway train at 145th Street and Lenox Avenue as well as the A, B, and C subway trains at 135th Street and Saint Nicholas Avenue, providing easy access to downtown Manhattan and outer borough locations as well as Columbia University’s Manhattanville Campus expansion and the bustling 125th Street corridor. Multifamily properties offering the scale, upside and excellent condition presented by 117 W 142nd Street rarely come to market. The building offers investors a unique opportunity to acquire a meticulously maintained building with upside in Central Harlem.