122 East 116th Street, New York, NY, 10029
$1,949,000
activeLot Size
2,523 sqft
Year Built
1910
Stories
5
Type
Commercial
Estimate. Actual payment depends on credit, lender, taxes, and insurance.
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.
Listed by Robert J. Gellert SRES, Century 21 Shared Purpose
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