Clinton's Harlem digs 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 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 Administration for Children's Services, the New York City Housing Authority 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 and New Jersey. The company, an active player in the Harlem renaissance, 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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|Publication:||Real Estate Weekly|
|Date:||Sep 28, 2005|
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