Investment Overview

Marcus & Millichap is pleased to offer for sale on an exclusive basis the following opportunity located at 181 West 135th in West Harlem neighborhood of New York City. Located between Malcolm X Blvd and Adam Clayton Powell Jr Blvd and contains 35,000 gross square feet, the building dimensions are 75 ft. by 99.95 ft. (Bloc & Lot: 1920-7) and sits on a 7,494 SF lot. Zoned R7-2 with a C1-4 commercial overlay, the elevator six stories limestone building contains 24 residential units and three level community facility currently vacant and is prime for a medical, religious, fitness or educational use. This is an opportunity for a new owner to lease the 16,000 SF community facility. New owner may secure a loan with HPD through their Participation Loan Program in order to renovate and modernize the residential portion of the building, in return HPD will offer Eight Project-Based Section 8 Vouchers. Additionally, they will adjust some of the rents, reduce the property tax obligation through a tax holiday program (Article XI Tax Exemption and secure another tax break ( Historic Tax Credits - which are administrated by NYS) based on the fact that the façade of the building is landmarked. There is also a possibility to secure additional savings through City's Green Roof Program, and apply some additional benefits through the City's Aging in place program that offers business expense deductions for making the building more senior friendly. More information available upon request.