NEW YORK CITY—A long-term ground lease development opportunity involving a block-through property in Harlem across from the storied Apollo Theater is on the market.
Ariel Property Advisors has been hired as the exclusive agent for the development site that consists of 256-258 West 125th St. and 243-249 West 124th St. where the massive Pabst beer garden was located in the early 20th century.
Exclusive agents Shimon Shkury, Victor Sozio, Michael A. Tortorici and Josh Berkowitz are requesting proposals for the long-term ground lease that offers up to 108,994 buildable square feet for a mixed-use building with inclusionary housing.
“The owner is seeking a partner to develop the property to its full potential as a premier residential and commercial destination,” says Shkury, president of Ariel Property Advisors. “The block-through site features 100 feet of frontage along 124th Street and 50 feet of frontage along 125th Street.”
The existing structure on 125th Street spans approximately 30,000 square feet above grade and also has approximately 15,000 square feet of usable space in the basement. The property is currently occupied by a retail tenant on the ground floor and another tenant in the basement. Both spaces can be delivered vacant allowing for immediate development, Ariel Property officials note.
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