$31,500,000
Updated 11 years ago
Off Market

8-56 West 111th Street

Harlem, Manhattan | Fifth Ave & Lenox Ave

50,536 Square FeetIncome Property

$31,500,000
floors / apts5 / 173
Lot Size71'8"x200'
ZoneR7-2
Building TypeLow-Rise
RE Taxes$471,522
Price Per SF
$623

Building Amenities

  • Voice Intercom
  • Elevator

Property Description for 8-56 West 111th Street

We have been retained on an exclusive basis to arrange for the sale of seven contiguous properties on south side of 111th Street between 5th Avenue and Lenox Avenue.Across the seven buildings there are 173 residential units totaling approximately 184,442 gross square feet. The properties are currently under HUD contracts which set to expire in 2021 and 2023. When the HUD contracts expire the units will be brought up to market rates providing new ownership with significant increases in gross revenue. It is estimated based upon today’s market rates that the units are renting for approximately half of market. The buildings are kept in pristine condition and are located just one block north of Central Park.

For more information including a copy of the full offering memorandum please execute the attached confidentiality agreement.

Listing History for 8-56 West 111th Street

Now
05/09/2014
POM by Robert Knakal
Cushman & Wakefield
2014

Building Details for 8-56 West 111th Street

OwnershipIncome Property
Building TypeLow-Rise
Service LevelVoice Intercom
AgePre-War
AccessElevator
Floors/Apts5/173
Learn More About the Building

Transit and Citi Bike

Subway

110 St-Malcolm X Plaza
0.14 miles
116 St
0.3 miles
110 St
0.35 miles
116 St
0.43 miles
Cathedral Pkwy (110 St)
0.48 miles

Citi Bike

W 111 St & 5 Ave
0.05 miles
Lenox Ave & W 111 St
0.15 miles

Contact Agents

Contact Agents

Robert Knakal
Cushman & Wakefield
Jonathan Hageman
Cushman & Wakefield
Lev Kimyagarov
Cushman & Wakefield

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: 50160TH