1941-1943 Madison Ave
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1941-1943 Madison Ave
23,650 SF 100% Leased Office Building New York, NY 10035 $24,000,000 ($1,015/SF)
Investment Highlights
- Corner Property
- Additional 24,000 Sq Ft
Executive Summary
Discover a unique development opportunity in East Harlem! This assemblage
of three commercial building sits in a prime location, perfectly positioned for
mixed-use or retail development. With multiple floors and flexible space
options, the building allows for a creative redesign to suit various business
needs. This property is surrounded by high-traffic areas, residential
developments, and established retail spaces, ensuring a steady flow of foot
traffic and visibility. Close to public transit and main thoroughfares, it’s ideal for
businesses looking to establish a presence in the vibrant East Harlem
neighborhood. Don’t miss out on this chance to invest in one of Manhattan’s
most dynamic areas with strong growth potential. The property is currently
fully leased out and income producing with the yearly leases and demolition
clauses in the leases.
Key Highlights:
• Location: Prime East Harlem, Manhattan
• Zoning: Flexible for mixed-use development
• Proximity: Near public transportation and busy shopping areas
• Potential Uses: Retail, office space, residential above retail
• Development Opportunity: Total square footage 46,992 Sq Ft
of three commercial building sits in a prime location, perfectly positioned for
mixed-use or retail development. With multiple floors and flexible space
options, the building allows for a creative redesign to suit various business
needs. This property is surrounded by high-traffic areas, residential
developments, and established retail spaces, ensuring a steady flow of foot
traffic and visibility. Close to public transit and main thoroughfares, it’s ideal for
businesses looking to establish a presence in the vibrant East Harlem
neighborhood. Don’t miss out on this chance to invest in one of Manhattan’s
most dynamic areas with strong growth potential. The property is currently
fully leased out and income producing with the yearly leases and demolition
clauses in the leases.
Key Highlights:
• Location: Prime East Harlem, Manhattan
• Zoning: Flexible for mixed-use development
• Proximity: Near public transportation and busy shopping areas
• Potential Uses: Retail, office space, residential above retail
• Development Opportunity: Total square footage 46,992 Sq Ft
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$1,211,400
|
$51.22
|
| Other Income |
$151,000
|
$6.38
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$1,362,400
|
$57.61
|
| Taxes |
$266,000
|
$11.25
|
| Operating Expenses |
$100,000
|
$4.23
|
| Total Expenses |
$366,000
|
$15.48
|
| Net Operating Income |
$996,400
|
$42.13
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $1,211,400 |
| Annual Per SF | $51.22 |
| Other Income | |
|---|---|
| Annual | $151,000 |
| Annual Per SF | $6.38 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $1,362,400 |
| Annual Per SF | $57.61 |
| Taxes | |
|---|---|
| Annual | $266,000 |
| Annual Per SF | $11.25 |
| Operating Expenses | |
|---|---|
| Annual | $100,000 |
| Annual Per SF | $4.23 |
| Total Expenses | |
|---|---|
| Annual | $366,000 |
| Annual Per SF | $15.48 |
| Net Operating Income | |
|---|---|
| Annual | $996,400 |
| Annual Per SF | $42.13 |
Property Facts
Sale Type
Investment
Sale Conditions
Property Type
Building Size
23,650 SF
Building Class
B
Year Built
1926
Price
$24,000,000
Price Per SF
$1,015
Percent Leased
100%
Tenancy
Multiple
Building Height
4 Stories
Typical Floor Size
5,913 SF
Building FAR
3.02
Lot Size
0.18 AC
Zoning
C4-4D - 125th/TA
1 of 1
Walk Score ®
Walker's Paradise (99)
Transit Score ®
Rider's Paradise (100)
Bike Score ®
Very Bikeable (76)
PROPERTY TAXES
| Parcel Number | 1749-0050 | Total Assessment | $2,506,840 (2024) |
| Land Assessment | $439,200 (2024) | Annual Taxes | $266,000 ($11.25/SF) |
| Improvements Assessment | $2,067,640 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
1749-0050
Land Assessment
$439,200 (2024)
Improvements Assessment
$2,067,640 (2024)
Total Assessment
$2,506,840 (2024)
Annual Taxes
$266,000 ($11.25/SF)
Tax Year
2023
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1941-1943 Madison Ave
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