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112-114 West 116th Street - Availability Details

112 West 116th Street, New York, NY 10026

  • For Sale $7,000,000
  • City New York
  • Neighborhood Harlem
  • Zip Code 10026
  • Property Type Mixed Use
  • Property Size 18,000 Sqft
  • Lot Size 0.09 Acre
  • Date Updated 12 Mar, 2020

Ariel Property Advisors is pleased to present 112-114 West 116th Street, a 5 story, 40’ wide mixed-use walk-up building located on the south side of West 116th Street between Saint Nicholas and Lenox Avenues.

Spanning 18,000 gross square feet, the building is fully occupied and contains 16 rent-stabilized apartments and 3 retail units. Ownership rehabilitated the building in 2007, converting the 16 residential units to Class A, and significantly upgraded the retail component to include below grade space. Two of the retail units are located on the ground floor and one is located below grade accounting for approximately 1,760 square feet of space. Of the 16 residential units, there are four 2-bedroom apartments and twelve 1-bedroom apartments each averaging approximately 600 to 650 square feet. There is currently an opportunity to recapture preferential rents on several of the units throughout the asset. Additionally, the property benefits from a J-51 tax abatement that expires in 2026. Upon the expiration of the J-51 tax abatement, the residential units have potential to be deregulated and become free market, presenting significant upside for an investor.

The property is located just 4 blocks away from Morningside Park, and is less than a 10-minute walk from Central Park. Columbia University and the bustling 125th Street retail corridor are also within walking distance, drawing countless students, faculty, and young professionals to the area. Additionally, the property is steps away from the 2 and 3 subway station at Lenox Avenue and 116th Street, providing residents easy access throughout Manhattan and outer borough locations.

With its prime location and well-maintained condition, 112-114 West 116th Street presents a rare mixed-use investment opportunity in Central Harlem.

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Contacts

broker

Victor Sozio

Ariel Property Advisors

(212) 544-9500 x 12

broker

Michael A. Tortorici

Ariel Property Advisors

(212) 544-9500 x 13

broker

John Higgins

Ariel Property Advisors

(212) 544-9500 x 58

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