$5,250,000
Updated 6 years ago
Off Market

308 Lenox Ave

Harlem, Manhattan | West 125th Street & West 126th Street

6,000 Square FeetMixed Use

$5,250,000
floors4
Lot Size25'x60'
Built Size25'x60'
ZoneC4-7
Building TypeLow-Rise
RE Taxes$73,211
Price Per SF
$875

Property Description for 308 Lenox Ave

JLL has been retained on an exclusive basis to arrange for the sale of 308 Lenox Avenue, a 25’ wide 4-story mixed-use building located on the East side of Lenox Avenue between 125th and 126th Streets. The building will be delivered vacant at closing. The property is approximately 6,000 square feet above grade. The basement, first floor and second floor were most recently used as a restaurant. Floors 3-4 are white boxed and were previously used as office space. The property will attract investors looking to acquire a mixed-use asset with zero exposure to Rent Regulation in a Manhattan neighborhood with strong fundamentals and significant long-term upside. 308 Lenox Avenue is ideally situated steps from Harlem’s bustling West 125th Street corridor that has established itself as a highly soughtafter neighborhood for residential, retail, and office tenants alike. New large-scale commercial developments and national retail brands continue to transform the immediate neighborhood. The property is located 60’ from the 2 3 train at 125th providing convenient access to Midtown Manhattan in under 20 minutes. 308 Lenox Avenue offers investors a rare opportunity to buy a mixed-use property in one of Manhattan’s most rapidly changing neighborhoods. In addition to the potential for steady cash flow, the building also possesses between 2,100 – 4,800 SF of excess air rights (depending on the future use) and flexible zoning that could be used to enlarge the existing structure. 308 Lenox Avenue will be sold on an as-is where is basis.

Listing History for 308 Lenox Ave

Now
11/18/2020
POM by Hall Oster
JLL
05/27/2020
$5,250,000
Initial Price by Hall Oster
JLL

Building Details for 308 Lenox Ave

OwnershipMixed Use
Building TypeLow-Rise
AgePre-War
AccessWalk-up
Year Built1910
Floors4
Learn More About the Building

Transit and Citi Bike

Subway

125 St
0.03 miles
125 St
0.44 miles
125 St
0.47 miles
116 St
0.47 miles
135 St
0.48 miles

Railroad

Harlem-125 StMetro-North Railroad
0.37 miles

Citi Bike

Lenox Ave & W 126 St
0.03 miles
Adam Clayton Powell Blvd & W 126 St
0.18 miles

Contact Agents

Contact Agents

Harlem | Manhattan

Quick Profile

The neighborhood called West Harlem by the locals is known as Manhattanville to neighborhood newcomers. The area is culturally diverse and might be considered a microcosm of the city as a whole. 

Columbia University has recently expanded into the area, which is attracting student residents from all over the world. Together with students from the City College of New York and young professionals fleeing higher prices in other neighborhoods, this influx of younger residents has brought with it more restaurants and bars on W 125th Street to serve this clientele. There are also new ventures, like a rock-climbing gym, to cater to the interests of these students and young professionals. At the same time, there are many small, family-owned shops and restaurants that have been anchors of the neighborhood for multiple generations.

The area has been through a housing upgrade, as older properties have been renovated and abandoned properties have been razed to make room for new development. There are still reasonably priced apartments available. Young professionals are finding that there is a certain cachet to living in West Harlem. It provides a convenient commute to the city and all of its amenities, while providing a sense of escape at the end of a long work day.

While rentals are popular with the student population, the young professionals are delighted to find pre-war brownstones, pre-war co-ops (including some income-capped HDFCs for lower- and middle-income buyers), and post-war condos that they can afford, although prices are rising. Some new low-rise developments, sporting virtual doormen and desired amenities, are cropping up.

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
OLR ID: 29584TH