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Clinton's Harlem digs for sale.

The building that houses former President Bill Clinton's penthouse penthouse

Enclosed area on top of a building. A penthouse can be an apartment on the roof or top floor of a building or a structure on the roof housing the top of an elevator shaft, air-conditioning equipment, or stairs leading to the roof.
 office is up for sale.

Cogswell Realty Group, the owner of the 230,000 s/f Harlem office building located at 55 W. 125th St., has put the office tower on the market, along with the nearby 170,000 s/ f building at 215 W. 125th St.

The company has hired Darcy Stacom and Bill Shanahan of CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2.  to market the buildings and bids are expected to start flooding in this month. Reportedly, the buildings could bring in an aggregate of $130 million. "The building is currently 100% leased to excellent credit tenants," said Eric Negrin, senior vice president at CB Richard Ellis. "The majority of them are city, state and federal agencies."

Along with Clinton, other tenants include offices for the New York City New York City: see New York, city.
New York City

City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S.
 Administration for Children's Services, the New York City Housing Authority The New York City Housing Authority (NYCHA) provides housing for low and moderate income residents throughout the five boroughs of New York City. NYCHA also administers a citywide Section 8 Leased Housing Program in rental apartments.  and retail tenant, JP Morgan Chase. It is expected that all tenants will stay on with the new owner.

Negrin said, "There are not many Class A alternatives in that neighborhood. The other competitive building is also 100% leased."

Cogswell plans on using the proceeds from the sale of these buildings to fund development projects they have in New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of
 and New Jersey. The company, an active player in the Harlem renaissance Harlem Renaissance, term used to describe a flowering of African-American literature and art in the 1920s, mainly in the Harlem district of New York City. During the mass migration of African Americans from the rural agricultural South to the urban industrial North , is also choosing to stay involved with the properties by maintaining a minority interest and continuing to manage them.

"Overall, the area has really taken off," Negrin said. "You can see new retail developments that have popped up all along 125th street corridor. It's just a new wave of residential renovation construction that is really changing the neighborhood. A lot of money has been invested in the area over the last couple of years."
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Author:Razzano, Tiffany
Publication:Real Estate Weekly
Date:Sep 28, 2005
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