(Read more on the industrial market.)
NEW YORK CITY-A vacant 70,000-sf warehouse located at 40 Convent Ave., between West 129th and 130th Streets, is on the market for sale by the owner through its agent, Eastern Consolidated. The Harlem property has potential for an office or residential conversion.
Eastern Consolidated's David Johnson, director, who is spearheading the marketing initiative on behalf of the owner along with and Jared Toothman, financial analyst, tells GlobeSt.com that the seller is an affiliate of ARK Investment Partners. Johnson would not discuss reasons for selling nor would he discuss a potential price the property might fetch.
The existing three-story building features wide floor plates, high ceilings, heavy floor load capacity and drive-in access to each floor. According to Eastern Consolidated, the property is extremely versatile and offers a wide variety of potential uses, including: school/educational, research center, disaster recovery site, self-storage facility, sports/entertainment/fitness complex, vehicle inventory storage for Manhattan dealerships, parking garage, office/redevelopment/conversion and/or potential residential rezoning for new development.
"Harlem's office market is burgeoning," Johnson explains. "Positioned close to public transportation and 125th Street, 40 Convent Ave. could be an ideal candidate for conversion to offices, offering large efficient floors. Moreover, given the dearth of available large blocks of vacant warehouse/office space in Manhattan, the availability of 40 Convent Ave. offers a rare opportunity for single-tenant users looking to operate their businesses at a Manhattan address."
Deborah Jackson, executive managing director of Weiser Realty Advisors LLC, who was not involved in the deal, agrees with Johnson that Harlem is burgeoning, nothing that it is a hot area for redevelopment. "There has been a tremendous amount of activity."
A recent 25,870-sf industrial property located at 159 E. 126th St. fetched $7 million in October of 2007, however it was only one-third of the size of the 40 Convent Ave. building. "In such a market, transactional trends from the past are not as relevant as in a more mature and stable market," Jackson notes.
Eastern Consolidated's Johnson continues that the property is an excellent opportunity to acquire a property zoned for multiple uses. He adds that the warehouse is well-positioned close to local transportation and situated in a neighborhood that is becoming gentrified. Johnson would not further comment on whether or not they have had interested buyers as of yet, except to say that they are in the process of taking offers.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
