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Key Details
Property Type Commercial
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Subdivision East Harlem
MLS Listing ID 1066655
Rental Info No
Year Built 1910
Annual Tax Amount $28,411
Property Sub-Type Multi Family
Source onekey2
Property Description
CENTURY 21 Shared Purpose has been exclusively retained to arrange for the sale of 122 East 116th Street, New York, NY 10029 (the “Property”). The Property is a five-story, ten-unit mixed-use, 100% rent stabilized walk-up of pre-war brownstone construction, located on the south side of East 116th Street between Park and Lexington Avenues in the East Harlem neighborhood of Manhattan.
The offering pairs the two income profiles buyers seek in a single asset: two operating retail storefronts on one of East Harlem's principal commercial corridors, and eight regulated apartments above producing diversified residential income. Gross income in place totals $240,360 annually, generating net operating income of $173,749 — an 8.9% capitalization rate at the offering price.
East Harlem is among Manhattan's most culturally rich and historically significant neighborhoods, in the midst of a sustained wave of residential, retail, and community investment. The Property sits within the East Harlem Corridors special district, steps from the 6 train at 116th Street, the Metro-North station at Harlem–125th Street, Thomas Jefferson Park, and the East River Esplanade.
The offering pairs the two income profiles buyers seek in a single asset: two operating retail storefronts on one of East Harlem's principal commercial corridors, and eight regulated apartments above producing diversified residential income. Gross income in place totals $240,360 annually, generating net operating income of $173,749 — an 8.9% capitalization rate at the offering price.
East Harlem is among Manhattan's most culturally rich and historically significant neighborhoods, in the midst of a sustained wave of residential, retail, and community investment. The Property sits within the East Harlem Corridors special district, steps from the 6 train at 116th Street, the Metro-North station at Harlem–125th Street, Thomas Jefferson Park, and the East River Esplanade.
Location
State NY
County New York (manhattan)
Rooms
Basement Common
Interior
Heating Other
Cooling Wall/Window Unit(s)
Fireplace No
Exterior
Parking Features On Street
Utilities Available Electricity Connected
Building
Story 5
Foundation Other
Sewer Public Sewer
Water Public
Structure Type Other
Others
Special Listing Condition None
Listed by Century 21 Shared Purpose • Robert J. Gellert SRES
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