Helman, Kingsley, Epstein and Carrega of Avison Young complete $21 million sale of 310 Lenox Ave. for NBPA

Manhattan, NY Avison Young has completed the $21 million sale of 310 Lenox Ave., a three-story office and retail building in the Central Harlem area.

Avison Young’s New York City-based Capital Markets team of principals, Neil Helman, Charles Kingsley, Jon Epstein and Vincent Carrega represented the seller, the National Basketball Players Association (NBPA).

The property was acquired by a group of New York-based real estate investors. The building is best known as being home to Red Rooster, the restaurant led by chef Marcus Samuelsson that has operated in the building since 2011.

“When 310 Lenox Avenue came to market as a result of the NBPA having outgrown its space at the building, there was immediate interest in the unique opportunity to acquire a truly outstanding commercial property in a premier Harlem location,” Helman said. “With an abundance of development along 125th Street, and the continued renaissance that’s taking place in Central Harlem, it is quite apparent that the new ownership will surely realize a significant return on its investment as they have an opportunity to reposition the property now and in the years to come.”

Built in 1940 and improved in 2006, the architecturally distinct property consists of approximately 24,659 gross square feet of above-grade space and a full basement of approximately 8,493 gross square feet. The property also has approximately 9,313 square feet of additional zoning floor area that is expected to be accessed by the new ownership entity.

Situated just steps off 125th Street – Harlem’s main retail corridor – 310 Lenox Avenue is ideally located mere steps from the 125th Street subway station, which services the 2 and 3 lines. In addition, the property is within an easy walk of several other transit options, including the A, B, C, D, 4, 5 and 6 trains, as well as the 125 Street Station for Metro North. The property’s location is further enhanced by being just steps from a new development currently under construction at 125 Street and Lenox Avenue that will bring to the neighborhood Harlem’s first Whole Foods, which, according to Helman, will be “a game changer for the immediate area.” In addition to the commercial development activity that’s taking place along 125th Street, there has been significant residential development in the neighborhood.

“The strength of 125th Street is undeniable,” Kingsley said. “With such retailers as Marshalls, CVS, Staples, H&M and Old Navy already nearby, and American Eagle, Burlington Coat Factory and Whole Foods planned to open, 310 Lenox is clearly among great company.”