Delshah Capital Puts Harlem Rental Building on Market, Could Fetch $26.1M
Sara Pepitone March 9, 2015, 6:45 p.m.
Eastern Consolidated has been retained by Delshah Capital as the exclusive sales agent for 321-323 Lenox Avenue in Harlem and one of the building’s brokers thinks the property will sell for more than $26.1 million. Delshah bought it for $11.2 million in February 2012, property records indicate.
The 23,700-square-foot, six-story building on the northwest corner of West 126th Street, has 32 apartments—10 studios, 10 one-bedrooms and 12 two-bedrooms. They are all free-market apartments renovated with condominium-level finishes, said David Schechtman of Eastern Consolidated in a prepared statement. Mr. Schechtman represents Delshah Capital along with colleagues Adelaide Polsinelli, Lipa Lieberman and Abie Kassin.
Investors will appreciate the substantially below-market rents and stable in-place cash flow for this fully leased asset, which simultaneously offers an investor an option to reposition the asset as a condominium building, the statement said.
The building, diagonally opposite neighborhood restaurant hotspot Red Rooster Harlem, has ground-floor retail space currently leased to restaurant and bar Corner Social.
“This offering presents a rare opportunity to acquire the best-in-class corner building in one of the most popular and renowned neighborhoods in the world,” added Mr. Schechtman. He would not provide an asking price but expects the building to trade at more than $1,100 per square foot.
“The property could easily be converted to an ultra-luxury boutique or loft condominium with a separate, world-class retail component,” Mr. Kassin said in a prepared statement.
With additional reporting provided by Lauren Elkies Schram.