JLL has been retained on an exclusive basis to arrange for the sale of 2086 5th Avenue, a 100% Free Market, 20’ wide, 6-story plus usable basement, walk-up apartment building located on the east side of Fifth Avenue between West 128th and 129th Streets in Central Harlem. The tax class 2B protected, new construction, turnkey property was completed in 2022 and features 8 Free Market apartments across 7,481 total gross square feet (includes leased and finished auxiliary basement space that can be used for tenant amenities).
All eight of the apartments feature high-end finishes and stainless steel kitchen appliances from GE and Blomberg. All of the apartments also feature in-unit laundry and split system HVAC for both heating and cooling (tenants pay for heat). The property’s tax class protected status and split system HVAC systems will help keep expenses low for future ownership, as current all-in expenses are only ~30% of the in-place EGI.
The apartments are configured as 1 studio, 2 one-bedrooms (one duplexed to the basement), 2 two-bedroom duplexes, 1 three- bedroom duplex and 2 four-bedrooms (one duplex and one floor-through). Six of the eight total apartments (75%) feature private outdoor space – four of the five units on floors 2-5 have balconies, the rear apartment (1B) on the 1st floor has its own private garden, and the 5th floor rear duplex (4C) has its own large, private rooftop terrace. There is also an unfinished, public rooftop terrace available for use by all tenants in the building. A large, finished room with a bathroom in the basement is not currently being utilized by ownership, which an investor could turn into additional tenant amenity space or tenant storage.
Manhattan’s Central Harlem neighborhood has seen tremendous growth in recent years due to rapidly rising rents across the borough. Tenants from core neighborhoods below 96th Street are now searching for high-quality, new construction product in well-connected, downtown-adjacent neighborhoods. Many of these tenants are moving into neighborhoods such as Central Harlem which feature access to both quality retail and public transportation offering connectivity throughout the rest of the borough. 2086 5th Avenue is just a 7-minute walk from both the express station at 125th Street and Lenox Avenue and the
station at 125th Street and Lexington Avenue. This central and well-connected location will act as a sustained catalyst for growing tenant demand.
Much of Central Harlem’s recent transformation and true neighborhood vibe has also been credited to the addition of several popular bars and restaurants in the area, which include Harlem Hops, The Row Harlem, Corner Social, Babbalucci and Red Rooster amongst others. Several neighborhood staples including Sylvia’s and the Apollo Theater are also located just one block to the east of the property on the thriving Lenox Avenue retail corridor, which features many of Harlem’s most popular retail destinations.
2086 5th Avenue provides a rare opportunity for an investor seeking a turnkey, tax class protected asset requiring minimal management and upkeep in a transforming Manhattan neighborhood. Due to its fully Free Market status, proximity to public transportation and retail, quality construction/finishes and desirable unit layouts, the property will capitalize on both surging rental growth in the neighborhood and high demand for new construction product. The property will be sold on an as-is where-is basis.