Harlem mixed-use building, home to the Corner Social Bar & Restaurant, sells for $14 million

 

Corner Social Bar & Restaurant,
321 Lenox Avenue, Harlem, NYC

NEW YORK, NY– JLL Capital Markets has announced the $14.33 million sale of 321 Lenox Ave., a six-story, mixed-use multi-housing and retail building that is home to the Corner Social Bar & Restaurant, one of the most popular watering holes in New York City’s Harlem neighborhood.

Hall Oster

JLL arranged the sale on behalf of the seller, Delshah Capital LLC. The buyer was OSTB 321 Lenox Avenue, LLC.

 Originally built in 1910, 321 Lenox Ave., also known as 101 West 126^th St., features 32 residential units and one commercial unit.

 It is situated on the corner of Lenox Avenue and West 126^th Street within an Opportunity Zone. Following a substantial rehabilitation in 1986, all of the apartments were fully deregulated and are currently on fair market leases.

 The property is steps from Harlem’s bustling West 125th Street corridor and the 2/3 express subway station in an area renowned for its culinary offerings and historic architecture.

Paul Smadbeck

An influx of large-scale development has transformed the area into a 24/7 hub for residents, professionals and tourists alike.

 The JLL Capital Markets team that completed the transaction included Managing Directors Hall Oster and Paul Smadbeck; Vice Presidents Teddy Galligan and Conrad Martin; and Associate Braedon Gait.

 “The housing market surrounding 321 Lenox Ave. is positioned for a significant increase in demand as the city continues its post pandemic recovery,” Oster said.

Teddy Galligan

“Interest will be driven by tenants seeking the convenience the 2/3 express subway station and drawn by the energy of Harlem’s 125th Street and Lenox Avenue retail corridors.”

“The adjacent retail corridors have proven their resilience throughout the pandemic, and an influx of new, post-pandemic retail tenancies, including both Target and Trader Joe’s, illustrates the high level of confidence that corporate retailers have in the area’s future as a thriving retail destination,” added Galligan.

 Conrad Martin

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt advisory, equity advisory or a recapitalization.

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 For more news, videos and research resources on JLL, please visit our newsroom.

 About JLL

Braedon Gait.

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities.

JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

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