The Reel

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A blog for breaking sales and neighborhood real estate news.

Harlem retail is bustling once again. Investors are taking notice and buying up the remaining storefronts which are still occupied by legacy tenants. These mom and pop stores have been taken over by such national tenants as American Apparel, Duane Reade, Foot Locker, Mac Cosmetics, Marshalls, Old Navy, Staples, and Starbucks.

One recent sale which benefited from this activity was 64-68 West 125th Street, located between Lenox and Fifth Avenues. Our firm sold the property in an all cash transaction valued at $7,100,000 or approximately $938 per square foot.

The single story property is 75 feet wide with approximately 7,569 square feet.  There are three retail units with short terms leases at substantially below market rents in the $40/SF range. The mid blocks on 125th Street command rents upwards of $100/SF.

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Neighborhoods: Harlem