PRESS RELEASE: Avison Young Named Exclusive Sales Agent for Multi-Story Retail Property at 324 West 125th Street in Harlem30 Sep 2020
Two-story building located in the heart of one of Manhattan's most desirable neighborhoods
New York, NY –The Tri-State Investment Sales Group for Avison Young has been named the exclusive agent for 324 West 125th Street, a 32,247 square foot, two-story building in Manhattan’s Harlem neighborhood. The asking price for the property is $40,500,000.
An Avison Young team led by Principal and Head of Tri-State Investment Sales James Nelson, Principal and Managing Director Jonathan Hipp, Senior Vice President Richard Murphy, Director Brent Glodowski and Senior Associates Angela Mulder and Alexandra Marolda are marketing the property on behalf of ownership.
The two-story building at 324 West 125th Street, on the corner of St Nicholas Avenue, encompass 32,250 square feet, including cellars, rooftops, and back of house spaces. The property is currently occupied by CVS on the ground floor and Zwanger-Pesiri Radiology on the second floor.
“This is a unique opportunity to acquire a retail property in a fantastic location with under market rents and is in close proximity to several retail corridors as well as key city landmarks including the Apollo Theatre and Columbia University,” said Nelson. “The property is a testament to the area’s increasing desirability, making this a uniquely-positioned asset.”
Harlem’s 125th Street area has become the center of the neighborhood’s incredible retail trans-formation. Home to major institutions, such as the Apollo Theater, this corridor has welcomed major national brands including Whole Foods, H&M, American Eagle, Burlington and Bath & Body works. The property is also close to both St. Nicholas and Morningside Parks and a short walk from Columbia University. 324 West 125th Street is also steps away from multiple transport alternatives ranging from different bus routes to the A, B, C and D train stops. The neighborhood also enjoys access to major roadways such as the FDR Drive and the George Washington Bridge.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2020 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
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