417 W 126th St

PRIME HARLEM CONVERSION OPPORTUNITY WITH SIX (6) CAR GARAGE...Fantastic opportunity to purchase two (2) attached buildings a block away from the 125th Street commercial corridor with excellent transportation and accessibility.<br><br>The property is located in a very unique niche of West Harlem known as the FACTORY DISTRICT and is a burgeoning area for redevelopment bounded by the new Columbia University campus and the rapid revitalization of 125th Street. <br><br>Across the street from the property is an open lot that will start construction this summer on the "Tasty Development" (previous property was home to the Tasty Cake Bakery and is slated for over 150K square feet of development. The western side of the block is owned by a investment group that is planning to build a luxury hotel. <br><br><br>The property is situated in the heart of this development zone. Additionally the "Harlem House" is under construction and will be a mecca of entertainment business and activity in the area, which was conceived from a similar concept and model as the 'SOHO HOUSE" <br><br>There is currently very little to no available space for sale in the Factory District, and this is a ripe opportunity for a developer or owner looking for long term growth potential. <br><br>BUILDING SIZE: <br><br>The South Building : 28 x 85 on four floors, including full cellar. The North Building : 28 x 65 on three floors, including full cellar . <br><br>A BRIEF HISTORY OF THE BUILDING: <br><br>The current owners purchased the two buildings in 2004. They are legally combined as one lot. <br><br>Upon purchase they commenced with over $2M in construction and upgrades to the properties. They operate a very successful company from there, and have been the only owners-tenants since the renovations. <br><br>When they purchased the property, The area was declared an Empowerment zone and had over $400M in funding grants that was earmarked for the area. <br><br>The purchase of the building gave the owners advantages and benefits that will transfer with the sale. The tax rate on the property that would typically be charged at 2% of property cost has an abatement that has another 5 years of taxes in the current levels and an additional 4 years of abatements. Additionally, the carrying costs on electricity are discounted for the property as well. <br><br>INTERESTING LINKS: <br><br>https://www.harlemonestop.com/news/521/manhattanville-factory-district-takes-shape-gavin-brown-studio-museum-harlem-plowshares-coffee-roasters <br><br>http://m.theshoppingcentergroup.propertycapsule.com/property/output/document/view/id:20195/