Avison Young’s Tri-State Investment Sales Group recently announced the sale of the brand new building at 286 Lenox Avenue for $10.2 million. According to the certificate of occupancy, the property includes roughly 9,000 square feet of Harlem office space spread across floors two through four, plus ground-floor retail and additional, below-grade storage space.
The Harlem office building was fully leased at the time of sale. Wells Fargo has the retail space and cellar partition, children’s mental health non-profit Child Mind Institute is on the second floor, and floors three and four are occupied by home care agency Visiting Nurse Service.
Rising 58 feet tall, the four-story property sits on the former site of the legendary Lenox Lounge, a live music venue founded in 1939 that endured for more than 70 years. Its stage was graced by iconic American performers such as Billie Holiday, John Coltrane and Miles Davis, and its patrons included James Baldwin and Langston Hughes.
Located between 124th and 125th streets, the building offers 44 feet of frontage on Lenox Avenue, which is part of Harlem’s transforming retail corridor. Several major brands have already settled into retail spaces in Harlem along this corridor, including Whole Foods, Bath & Body Works, H&M, American Eagle and Burlington.
The property at 286 Lenox Avenue is encumbered by a 99-year ground lease. Avison Young’s Tri-State Investment Sales Group, which represented the seller, was a team of Principal James Nelson, Director Brent Glodowski, Associate Director David Lawrence and Associate Carter Lovejoy.
“This sale is reflective of the strength of the burgeoning Harlem office market and the Avison Young Tri-State Investment Sales Group’s ability to produce results for our clients in spite of challenging market conditions,” Nelson said. “Our experienced team of brokers was able to quickly identify the perfect buyer for this turnkey asset, who was attracted to the building’s location in addition to its strong tenant mix.”