253 West 138th Street,
About this property
and Eighth Avenues, Striver’s Row is located in one of the most picturesque sections of Harlem where famous musicians share blocks with well-heeled doctors and financiers. The area is one of few in the city with back alleys situated behind a row of gorgeous Georgian-style townhouses, many of which have their own private garages adding what many believe to be 20%-25% of value to the asset. 253 West 138th Street boasts 20’ of frontage and is currently configured as a six (6) family with two (2) studios, two (2) one-bedrooms, one (1) two-bedroom and an “office unit” in the basement with windows. The property was beautifully restored with original details in each unit including a number of fireplaces and exposed brick. Tenants enjoy an outdoor patio in the rear of the building and a 12’ x 100’ shared yard with the property next door. All of the tenants are free market with the final lease expiring in June 2018, making this an incredible opportunity for a 1-4 family conversion where an end user can live and/or collect income. Investors can increase the rents that are currently at $30.10/SF, in a market that can achieve $50/SF. The townhouse was designed in 1890 by renowned architects at the time Bruce Price and Clarence S. Luce. With exposure to light and air on three sides, this property allows for tremendous natural light into the home and along a staircase situated near the windows on the east side of the building. The property is also within walking distance to the B & C subway lines at 135th Street and Saint Nicholas Avenue and the 1 & 2 subway lines at 135th Street and Lenox Avenue. Residents can take advantage of a number of national retailers on 145th Street, including, among others, Starbucks, Duane Reade, Chase Bank, and New York Sports Club, as well as local restaurant favorites such as Red Rooster, Harlem Tavern and Corner Social. The property also benefits from its proximity to major academic institutions, such as Columbia University and its Manhatanville Expansion Project and City College of New York. 253 West 138th Street represents a prime opportunity for investors and owner-users alike to acquire this rare jewel in Harlem’s most prestigious historic district. Additional photos available upon request.