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NOI Net Operating Income N/A
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Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Key Facts

Building Area

Property Description

JLL has been retained exclusively to arrange for the sale of the Retail at the Rennie, a new construction commercial condominium with over 376’ of frontage on Adam Clayton Powell Jr. Boulevard. Conveniently located between 137th and 138th Streets, the unit benefits from close proximity to the 135th Street 2-3 Subway station offering quick connectivity to the rest of Manhattan and the South Bronx.


Configured as commercial units #1 and #2, the space is comprised of approx. 17,589 NSF on the ground floor of the Rennie condominium. Inclusive of 134 luxury residential units, the Rennie is a recently completed mixed-use condo building that will drive future demand within the evolving Harlem neighborhood. The building is fully amenitized with highlights that include an expansive rooftop lounge, children’s playroom, state of the art fitness room and entertaining terrace. Amongst these attractive features, the Rennie is also located only a subway stop away from the 125th Street retail corridor.


One of NYC’s most sough-after culinary destinations, the 125th Street retail corridor attracts foot traffic from both New York residents and tourists alike. The popular strip contains a wide variety of shops, bars and restaurants, which include famous hotspots such as Sylvia’s and the Red Rooster. As a result of its nearby location, the Retail at the Rennie will benefit from the overflow of customers drawn to the dynamic area.


The unit will be delivered vacant upon sale. With six total means of egress already built into the facade, potential purchasers will have the capability to either utilize an open floor plan or divide the space into as many as six separate units. Listed as Use Group 6 on the Certificate of Occupancy, the space can be positioned for a wide variety of uses with few restrictions.


Unit #1 will receive a 15-Year ICAP tax abatement and Unit #2 will receive a 15-Year 421a tax abatement. The two abatements will blend together for first year taxes of ~$9,361 (19/20), resulting in initial tax savings of ~$291,843 per year. In addition to its low taxes, the Retail at the Rennie benefits from high quality new construction, great avenue exposure and easy access to nearby public transit. This makes it an ideal opportunity for investors or end users looking for flexible commercial space in a growing Harlem community. The unit will be sold on an as-is, where-is basis.

Investment Highlights

  • 376' of frontage
  • 17,589 net square feet
  • New construction
  • 421a & ICAP tax abatements
  • Delivered vacant
  • Use Group 6
  • Easily divisible
  • 6 existing means of egress
  • 134 Residential units in building
Last Updated Date: 23 Nov 2020
Hall Oster
Hall Oster
Managing Director, Capital Markets
License details
NY-10401321782
Teddy Galligan
Teddy Galligan
Associate, Capital Markets
License details
NY - 10401246250

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Last Updated Date: 23 Nov 2020

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