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Avison Young, engaged as the exclusive agent for Ownership, is pleased to offer for sale 286 Lenox Avenue in Manhattan’s Harlem neighborhood (“Property.”) The property consists of a newly – constructed four-story office and retail building located on Lenox Avenue between West 124th and 125th streets.
The Property offers 43.92 feet of frontage on Lenox Avenue and in-place tenants, including a new ten-year lease with Wells Fargo on the ground floor and cellar, and Visiting Nurses on the Third and Fourth floors. Ownership is currently negotiating a lease for the second floor and will deliver the asset fully-leased.
The asset is in the second year of a 99-year ground lease, which has 10-14 percent rent increases every five years and no fair market value resets. Harlem’s 125th Street is the center of the neighborhood’s incredible retail transformation. Home to major institutions, such as the Apollo Theater, this corridor has welcomed major national brands including Whole Foods, H&M, American Eagle, Burlington, and Bath & Bodyworks, with other brands – such as Macy’s – expecting to soon arrive and increase the cache of retail in the area.
A fully-leased turn-key asset with new 10-year leases
Brand new construction retail/office building
Credit tenant Wells Fargo (A2/A-) on the ground floor and cellar
Home to one of the few bank locations on the 125th Street corridor
Ground lease obligation includes no fair-market value resets
Strong retail corridor attracting major tenants including Whole Foods across the street
Lenox Avenue is a prime thoroughfare with growing pedestrian traffic year-over-year
Subway station on the block for the 2/3 train