125Th Street
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Real estate investment services MetroGrid Report: Harlem | 125th Street FOCUS ON NYC SUBMARKETS May 2016 Central Harlem’s Retail Transformation Central Harlem’s growing population, rising incomes, and Construction is nearing completion on a five-story, flourishing condominium developments have made the area 180,000-square-foot shopping center at 125th Street and ripe for national and local retailers. Lenox Avenue that will be home to Whole Foods, Burlington Coat Factory, American Eagle, and the Olive Garden. Also, Blink Fitness, Party City, DSW, Red Lobster, H&M, Marshalls, Bed, Bath & Beyond and WeWork have signed leases at a CVS Pharmacy, Starbucks, and Staples to name a few have planned project at 5 West 125th Street. already established a beachhead along 125th Street and more national retailers are on the way. MetroGrid Report | Central Harlem, 125th Street FOCUS ON NYC SUBMARKETS Real estate investment services Development on 125th Street is spilling over to the north- corridors are under retailed and, as a result, the board is south corridors such as Lenox Avenue, which has become now encouraging retail development on 116th Street, 135th Harlem’s “Restaurant Row” boasting eateries such as Street, and 145th Street. Chaiwali, Red Rooster, Sylvia’s, Corner Social, Lenox Saphire, Harlem Shake, Sushi Inoue, and Babbalucci that Central Harlem also continues to attract buyers for its operate between 124th and 129th Streets. elegant brownstones, mixed-use buildings, and office properties. In 2015 the area saw an aggregate of over $725 Eastern Consolidated is in the midst of this activity with million in property transactions, a 5 percent increase from its Retail Leasing team actively marketing nine retail sites 2014 which saw $689 million in property transactions. throughout Harlem. The firm’s recent retail survey shows average asking retail rents of $104 per square foot on 125th Many of these trades were for the smaller properties that Street; $61 per square foot on 116th Street; $70 per square dominate the area, but a few consisted of significant foot on 135th Street; $71 per square foot on 145th Street; portfolios. The largest transaction in 2015 was a $117 million $84 per square foot on Frederick Douglass Boulevard; $63 land lease deal for a package of two office buildings—a per square foot on Adam Clayton Powell Jr. Boulevard; and 170,841-square-foot property at 215-217 West 125th $93 per square foot on Lenox Avenue. Street and a 228,017-square-foot property at 55-61 West 125th Street that is home to the office of former President Community Board 10, which covers Central Harlem, has Bill Clinton—and two parking lots at 62 and 64 West 126th welcomed retail along 125th Street but notes that other Street. Thor Equities bought a 46,200-square-foot mixed- 01 | MetroGrid Report | Central Harlem, 125th Street FOCUS ON NYC SUBMARKETS Real estate investment services use property at 17 West 125th Street for $30 million, and Central Harlem has changed. Median household income in Eastern Consolidated arranged the sale of the 13-building Central Harlem rose to $40,615 in 2014 up from $31,502 Morningside Heights portfolio for $47 million. in 2000; the population increased to 132,027 residents in 2014, up from 107,109 in 2000 and 99,519 in 1990; and So far in 2016, the largest sale has been the $21,080,388 median condominium sales rose to $880,500 in 2015 up purchase of a 24,600-square-foot office building at 310- from $237,379 per unit in 2000, with the majority of condos 316 Lenox Avenue, which houses the popular Red Rooster in South Central Harlem trading for close to or above $1,000 restaurant on the ground floor and lower level. per square foot. The transformation of Central Harlem is remarkable because New condominium development, an influx of residents it was one of the areas hardest hit by disinvestment in seeking affordable housing, excellent transportation, and the 1970s and 1980s. The community was in such poor nearby parks have all contributed to Harlem’s second shape that between 1987 and 2003 city programs provided renaissance. The Furman Center study showed that 100 assistance to nearly 22,000 units or 40.6 percent of Central percent of the residential units in Central Harlem are located Harlem’s housing stock, more than any other neighborhood within one half mile of a subway station, ranking it first in the in New York City, according to a NYU Furman Center paper. city for transportation access, and that the mean travel time from Central Harlem to work is 34.5 minutes. In addition, A new NYU Furman Center publication A Study of New 96.6 percent of the residential units are one-fourth mile from York’s Housing and Neighborhoods in 2015 illustrates how a park. 02 | MetroGrid Report | Central Harlem, 125th Street FOCUS ON NYC SUBMARKETS Real estate investment services Harlem | Asking Rents Address SF Available Price/ SF Address SF Available Price/ SF 125th Street Adam Clayton Powell Jr. Blvd. 52 W 125th St 3,132 $51 2524 Adam Clayton Powell Jr Blvd 800 $45 111 E 125th St 4,000 $51 2504 Adam Clayton Powell Jr Blvd 600 $50 51-55 E 125th St 5,200 $59 2268 Adam Clayton Powell Jr Blvd 1,200 $50 112 W 125th St (New Construction: 11,750SF ground & 2nd floor, 96,720 $82 2108-2118 Adam Clayton Powell Jr Blvd 67,50 0 $51 10,000 SF on each floor 3-8) 26 W 125th St 2,000 $84 2363-2369 Adam Clayton Powell Jr Blvd 2,600 $53 32 W 125th St 2,000 $88 2310 Adam Clayton Powell Jr Blvd 1,350 $53 26 E 125th St 3,150 $100 2308 Adam Clayton Powell Jr Blvd 1,210 $54 18 W 125th St 1,500 $104 2225-2239 Adam Clayton Powell Jr Blvd 6,781 $55 28-30 W 125th St 1,785 $108 2239 Adam Clayton Powell Jr Blvd 6,781 $55 61 E 125th St 900 $125 2310 Adam Clayton Powell Jr Blvd 2,550 $55 159 E 125th St 2,120 $125 2308 Adam Clayton Powell Jr Blvd 2,200 $56 215 W 125th St 1,737 $130 2055 Adam Clayton Powell Jr Blvd 1,000 $59 81 E 125th St 4,100 $160 2051-2055 Adam Clayton Powell Jr Blvd 1,000 $59 313-315 W 125th St 4,800 $185 1917-1919 Adam Clayton Powell Jr Blvd 1,550 $60 Average Asking Rents $104 2185 Adam Clayton Powell Jr Blvd 2,858 $60 Manhattan Avenue 2185 Adam Clayton Powell Jr Blvd 2,858 $60 419-421 Manhattan Ave 2,500 $48 2252-2258 Adam Clayton Powell Jr Blvd 1,000 $60 411 Manhattan Ave 1,205 $45 2500 Adam Clayton Powell Jr Blvd 325 $60 Average Asking Rents $47 2363 Adam Clayton Powell Jr Blvd 1,000 $65 St. Nicholas Avenue 2415 Adam Clayton Powell Jr Blvd 3,000 $65 17-25 St Nicholas Ave 575 $73 1939-1943 Adam C. Powell Jr Blvd 600 $66 761 St Nicholas Ave 670 $47 2067-2069 Adam Clayton Powell Jr Blvd 1,350 $67 Average Asking Rents $60 2369 Adam Clayton Powell Jr Blvd 1,350 $69 Frederick Douglass Blvd. 2067-2069 Adam Clayton Powell Jr Blvd 1,350 $70 2280 Frederick Douglass Blvd 9,000 $65 2574 Adam Clayton Powell Jr Blvd 925 $70 2500 Frederick Douglass Blvd 540 $73 1970 Adam Clayton Powell Jr Blvd 7,50 0 $85 2163-2169 Frederick Douglass Blvd 550 $113 2143 Adam Clayton Powell Jr Blvd 1,650 $87 Average Asking Rents $84 2143 Adam Clayton Powell Jr Blvd 1,650 $88 2373 Adam Clayton Powell Jr Blvd 940 $95 Average Asking Rents $63 04 | MetroGrid Report | Central Harlem, 125th Street FOCUS ON NYC SUBMARKETS Real estate investment services Harlem | Asking Rents Continued Address SF Available Price/ SF Address SF Available Price/ SF Lenox Avenue 116th Street 101-109 Lenox Ave 2,460 $56 109 E 116th St 7,710 $40 419-421 Lenox Ave 300 $72 141 W 116th St 1,240 $44 543 Lenox Ave 600 $75 60 E 116th St 3,000 $45 333 Lenox Ave 1,500 $80 108 W 116th St 1,800 $50 541 Lenox Ave 600 $80 49 West 116 3,720 $50 329-331 Lenox Ave 1,300 $91 33 W 116th St 3,258 $60 192 Lenox Ave 925 $97 15-17 W 116th St 1,600 $75 437-439 Lenox Ave 850 $100 231-235 W 116th St 1,500 $80 381 Lenox Ave 2,050 $100 153-157 E 116th St 1,420 $106 429-431 Lenox Ave 700 $103 Average Asking Rents $61 228 Lenox Ave 915 $105 117th Street 67 Lenox Ave 560 $108 177 E 117th St 700 $81 280-284 Lenox Ave 2,800 $109 205 E 117th St 3,000 $40 352-354 Lenox Ave 1,000 $120 Average Asking Rents $61 Average Asking Rents $93 118th Street Fifth Avenue 166-172 E 118th St 1,700 $54 1325 Fifth Ave 1,650 $55 159 W 118th St 5,850 $67 2254 Fifth Ave 1,000 $62 159 W 118th St - Space A 1,250 $85 Average Asking Rents $58 159 W 118th St - Space B 1,300 $75 Madison Avenue 159 W 118th St - Space C 1,100 $75 1825 Madison Ave 8,137 $47 159 W 118th St - Space E 1,100 $75 1770 Madison Ave 18,267 $37 Average asking rents $72 Average Asking Rents $42 129th Street Third Avenue 167 W 129th St 1,000 $52 2162-2172 Third Ave 5,487 $60 131st Street 2171 Third Ave 2,200 $55 273 W 131st St 900 $70 Average Asking Rents $57 101-103 W 131st St 300 $72 112th Street Average Asking Rents $71 204-208 E 112th St 813 $59 05 | MetroGrid Report | Central Harlem, 125th Street FOCUS ON NYC SUBMARKETS Real estate investment services Harlem | Asking Rents Continued Address SF Available Price/ SF 135th Street 234-236 W 135th St 700 $57 228 W 135th St 500 $72 300 W 135th St 2,850 $80 Average Asking Rents $70 138th Street 273 W 138th St 3,000 $70 139th Street 272 W 139th St 3,000 $70 144th Street 302 W 144th St 1,000 $48 145th Street 155-157 W 145th St 975 $47 239-251 W 145th St 1,100 $71 350 W 145th St 700 $95 Average Asking Rents $71 06 | MetroGrid Report | Central Harlem, 125th Street FOCUS ON NYC SUBMARKETS Real estate investment services Central Harlem Community District Data Central Harlem MN10 MANHATTAN Single-Year Indicators 2014 Rank ◆ Rental Units 2005-09 2010-14 % Change 2010-14 Rank Population 132,027 – Median rent, all MN10 $790 $913 15.6% 52 Population