540 Lenox Avenue, New York, NY, 10037

540 Lenox Avenue New York, NY 10037

540 Lenox Avenue, New York, NY, 10037
540 Lenox Avenue, New York, NY, 10037 540 Lenox Avenue, New York, NY, 10037 540 Lenox Avenue, New York, NY, 10037 540 Lenox Avenue, New York, NY, 10037
FOR SALE
Property Type:
Other Land
Amount:
Please Call Broker for Price

Last Verified:
Mar 13, 2024


Description

540 Lenox Avenue, also known as the Harlem Temple Corps Community Center, is a 32,892 SF two-story property located on a block-front lot on Lenox Avenue between West 137th and 138th Streets in Harlem. The property is located within an R7-2 district, meaning there are substantial air rights available. The maximum residential FAR is 4.00x, which would yield 79,936 SF of residential SF, and the maximum community facility ZFA is 6.50x FAR, which would yield 129,896 SF. The community center is currently operated by the Salvation Army, offering an on-site lunch program, a variety of services including casework and financial assistance, recreational and educational programs, a Boys & Girls Club, emergency food and shelter, and a place of worship. The Salvation Army is looking for a partner to assist in the redevelopment of Harlem Temple, ideally, delivering back 30,000 – 50,000SF of Community Facility space for community programs and office space. This would then allow a developer the opportunity to assist in broader projects focused on the modernization of the Salvation Army’s facilities city-wide.

Harlem-NY-10037

Lot Size: 1.84 acres

Map of 540 Lenox Avenue, New York, NY, 10037

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What are Real Estate Incentives?

Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

Why are Real Estate Incentives Important and to Whom?

"Incentives" are vital today and in the future because:

  • U.S. Public: Many incentives focus on job creation and Affordable Housing
  • Investors and Commercial Developers use incentives to reduce financial risk, obtain gap financing, etc. Investors and developers look for property listings with incentives available.
  • Commercial Real Estate Brokers, in mass, unfortunately do not know about incentives tied to their listings
  • Entire Supply Chain of Real Estate Development such as small and large companies who will provide goods and services to new and revitalized properties.