{"id":66,"date":"2020-04-10T10:55:48","date_gmt":"2020-04-10T10:55:48","guid":{"rendered":"https:\/\/yardiblogs.yardi.com\/commercialsearch\/?p=66"},"modified":"2022-01-12T13:47:21","modified_gmt":"2022-01-12T13:47:21","slug":"lenox-lounge-harlem-office-building-sale","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/blog\/lenox-lounge-harlem-office-building-sale\/","title":{"rendered":"Office Building on Historic Harlem Site Sells for $10M"},"content":{"rendered":"

Avison Young\u2019s 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<\/a> spread across floors two through four, plus ground-floor retail and additional, below-grade storage space.<\/p>\n

The Harlem office building was fully leased at the time of sale. Wells Fargo has the retail space and cellar partition, children\u2019s 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.<\/p>\n

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.<\/p>\n

Located between 124th and 125th streets, the building offers 44 feet of frontage on Lenox Avenue, which is part of Harlem\u2019s transforming retail corridor. Several major brands have already settled into retail spaces in Harlem<\/a> along this corridor, including Whole Foods, Bath & Body Works, H&M, American Eagle and Burlington.<\/p>\n

The property at 286 Lenox Avenue is encumbered by a 99-year ground lease. Avison Young\u2019s 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.<\/p>\n

\u201cThis sale is reflective of the strength of the burgeoning Harlem office market and the Avison Young Tri-State Investment Sales Group\u2019s ability to produce results for our clients in spite of challenging market conditions,\u201d Nelson said. \u201cOur experienced team of brokers was able to quickly identify the perfect buyer for this turnkey asset, who was attracted to the building\u2019s location in addition to its strong tenant mix.\u201d<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Avison Young\u2019s 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\u2019s 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….<\/p>\n","protected":false},"author":48,"featured_media":67,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[6,5],"tags":[],"class_list":["post-66","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-office-news"],"acf":[],"yoast_head":"\nAvison Young Completes Sale of Lenox Lounge Harlem Office Boutique<\/title>\n<meta name=\"description\" content=\"The brand new Harlem office building on the former site of the Lenox Lounge has recently changed hands, via Avison Young's TriState Investment Sales team.\" \/>\n<meta name=\"robots\" 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