1932-1938 Madison Avenue

JLL has been retained on an exclusive basis to arrange the sale of 1932-1938 Madison Avenue (AKA 23-29 East 124th Street), a 69-unit mixed-use property located at the northwest corner of Madison Avenue and East 124th Street. This prime corner location boasts ~195 feet of wraparound frontage, offering unparalleled visibility and access. The building spans approximately 54,877 gross square feet, and is comprised of 64 residential units and 4 retail stores. The residential portion includes 14 Free Market (avg. $2,451/mo), 23 Rent Stabilized (avg. $1,733/mo), 22 RS-Pref (avg. $2,060/mo), and 5 Rent Controlled units (avg. $596/mo), with a variety of layouts including 4 studios, 46 one-bedroom, 11 two-bedroom, and 2 three-bedroom apartments. The property benefits from additional income through a rooftop antenna lease with AT&T Wireless extending through October 2037 at $2,360 monthly with 3% annual increases.

The building’s commercial component is comprised of four occupied retail spaces ranging from 345 to 940 square feet, with a diverse tenant mix including a pharmacy, nail salon, beauty salon, and deli. These commercial tenancies provide stable cash flow with a weighted average lease term (WALT) of 4.9 years.

1932-1938 Madison Avenue offers exceptional transit connectivity with both the 4/5/6 and 1/2/3 subway lines accessible within a short walk at 125th Street, providing direct access to Midtown Manhattan. The location benefits from proximity to the vibrant 125th Street retail corridor, home to national retailers, local businesses, and numerous cultural attractions including the Apollo Theater, Ray Harlem’s newly revitalized National Black Theater, National Jazz Museum, and Studio Museum. Additionally, the property benefits from its access to greenspace with Marcus Garvey Park directly across the street from the property and a short walk to Harlem Rose Garden on East 129th Street.

1932-1938 Madison Avenue offers an attractive opportunity for investors seeking to acquire high-quality real estate at a price substantially below replacement cost in a neighborhood with strong fundamentals. The building’s location ensures abundant natural light for residential units and excellent visibility for the property’s commercial spaces. The property will be sold on an as-is, where-is basis