NEW YORK, NY – May 16, 2022 – Ariel Property Advisors has arranged a $9.2 million acquisition loan for a mixed-use property at 321 Lenox Avenue in the Central Harlem neighborhood of Northern Manhattan. The 33-unit building is comprised of 32 free-market residential units, one commercial space occupied by local eatery Corner Social and three antenna leases.
321 Lenox Avenue
Eran Nornberg, CEO of OSTB Capital LLC, who purchased the building said, “We are firm believers in the demand dynamics of Central Harlem which is experiencing significant rental growth month-over-month, especially with our irreplaceable location being steps away from the 2 and 3 subway stops at 125th Street. We’re looking forward to the coming years as we execute our business plan, which includes giving our tenants a best-in-class residential experience.”
The five-year fixed rate, non-recourse loan featured two years of interest only payments. It was secured by an Ariel team including Matt Swerdlow and Matthew Dzbanek, both Senior Directors of Capital Services.
“Mixed-use properties that offer great retail visibility and market rate residential growth are very bankable right now,” said Swerdlow. “Our team was able to close the loan in 35 business days while also securing full credit for all of the income derived from the antenna leases, typically a rarity in commercial lending due to potential technological obsolescence and a high degree of possible competition among other rooftops.”
Located between 126th and 127th Streets on Harlem’s restaurant row, 321 Lenox Avenue is across the street from the world-famous Sylvia’s and a popular restaurant Red Rooster. Harlem’s main commercial corridor is a block away on 125th Street where national retailers include Whole Foods, Raymour & Flanigan, CVS and Marshalls.
Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.
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The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein.