Printer Friendly

Clinton's Harlem digs for sale.

The building that houses former President Bill Clinton's penthouse 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 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."
COPYRIGHT 2005 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2005, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Author:Razzano, Tiffany
Publication:Real Estate Weekly
Date:Sep 28, 2005
Previous Article:In observance of the 45th anniversary of the creation of REITs, a delegation of industry leaders rang the Closing Bell at the New York Stock Exchange.
Next Article:485 Fifth is latest conversion site.

Related Articles
Clinton now doing The Harlem Shuffle.
Developers must continue investing in our city's future.
Realtors savor Clinton's move.
Shhh! These neighborhoods a secret.
Gateway leading the way for Harlem renaissance.
Blumenfeld Development on target with Harlem project.
Bill working out as good neighbor.
Bowling alley deal.
In the mood for bowling?
Harlem now hotter than ever.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters