A retail condominium situated in a mixed-use building at 1400 Fifth Avenue, on the corner of Fifth Avenue and West 116th Street, in Manhattan’s Harlem neighborhood, was sold in December 2014 in an all-cash transaction valued at $12,500,000 by Massey Knakal, now Cushman & Wakefield.
The nine-unit condominium contains approximately 15,254 square feet on the ground floor with an additional 15,553 square feet of cellar space. It benefits from approximately 384 feet of frontage on two corridors with heavy vehicular and pedestrian traffic. The condominium features a credit rated tenant as the anchor complimented by neighborhood retail, providing a national and local tenant mix. The sale price equates to approximately $406 per square foot.
The property is conveniently located on the same block as the 2 and 3 subway stop at 116th Street and within blocks of both Central Park and Marcus Garvey Park. It is at the center of the 116th Street corridor, a retail strip that has seen investment and development in both retail and residential over the past ten years.
“The property’s location on the intersection of 116th Street and Fifth Avenue is one the prime retail corners in Central Harlem. New ownership will benefit greatly from the area’s continued resurgence,” said Cushman & Wakefield’s Lev Kimyagarov, who exclusively handled this transaction. “There was a tremendous amount of interest in the property and, ultimately, both the buyer and seller were pleased with the outcome.”
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Neighborhoods: Harlem