228 Lenox Ave

INVICTUS Property Advisors has been retained on an exclusive basis for the sale of 228 Lenox Avenue. The building is located in the Mount Morris Park Historic District among a number of rowhouses representing many styles of architecture spanning a period of over four decades, the subject property was built in 1880. Picturesque ensembles in eclectic variations of the popular neo-Greco, Renaissance Revival, Romanesque Revival, Queen Anne, and Beaux-Arts styles are found throughout the District. Harlem's central thoroughfare and one of the widest in the City, Lenox Avenue, was originally the northern part of Sixth Avenue, it was named in honor of James Lenox in 1887 and later co-named Malcolm X Boulevard in 1987. The building is situated adjacent to the recently developed Whole Foods Market and the 125th Street-Dr. Martin Luther King Jr. Boulevard-Commercial Corridor. 228 Lenox is also located directly across the street from the appointment-only atelier of the couturier Daniel Day, better known as Dapper Dan, and the luxury label Gucci. A number of development sites recently sold in the immediate area which are bound to continue to transform the area such as: 15-21 West 124th Street on Marcus Garvey Park and 300 West 122nd Street, a 13-story, 163-residential unit new development just one avenue west. 228 Lenox Avenue is not subject to any regulatory or SRO restrictions providing an investor, developer or end-user a building that is prime for immediate conversion. Renovated townhouses on the block have exceeded sales prices of $4,000,000 and rentals are achieving rates in excess of $55/NSF. Of the thirty-three (33) 1-4 family townhouse sales that have occurred in Harlem this year, thirty-one (31) of those sales traded in excess of $457/SF, which is the asking price for 228 Lenox Avenue. The 2 & 3 subway lines are just 2 blocks away.