NEW YORK, NY – April 10, 2018 – Ariel Property Advisors has been exclusively retained to sell 348-350 Lenox Avenue, two adjoining mixed-use buildings in the rapidly appreciating neighborhood of Harlem. The asking price for the two 5-story properties is $9 million.

The 20-unit building duo, which spans 19,730 square feet, offers 50’ of prime frontage along Lenox Avenue between West 127th and 128th Street. The properties contain 2 commercial and 18 spacious residential units. Every unit on the 2nd floor and above are floor-thru “railroad-style” apartments that can be renovated into roomy 2-bedroom units.

Exclusive agents Michael A. Tortorici, Marko Agbaba, Victor Sozio, Matthew L. Gillis, and Matthew Lev are representing the owner.

Notably, six of the residential units will be delivered vacant (two of which are rent stabilized), presenting an investor with immediate upside. Meanwhile, the ground floor retail provides outstanding current cash-flow.

“This property pairing is an outstanding Harlem investment, offering a significant value-add opportunity for both its residential and retail components,” said Michael A. Tortorici, Executive Vice President at Ariel Property Advisors.

The two buildings are encircled by some of Harlem’s most popular shopping destinations and restaurants, with the iconic Sylvia’s and Marcus Samuelsson’s Red Rooster just a few steps away. It is also a short walk from Wharton Properties’ recently completed retail complex that is anchored by big-name tenants, such as Whole Foods, American Eagle and Burlington Coat Factory.

The buildings also boast favorable commuting options, with the 2/3 subway lines nearby, and the A/C/B/D and 4/5/6 trains all within a 10 minute walk.