When you’re uninterested in reading concerning the office market’s dire straits and low physical attendance, take heart: there are just a few brave recent office projects on the market, although not in Midtown or Downtown Manhattan.
In a step forward for the brand new mixed-use project at 121 W. one hundred and twenty fifth St., co-development partner Taconic has launched a leasing campaign for the constructing’s 90,000 square feet of offices — a daring addition to Harlem’s scarce office inventory and maybe its only Class-A asset.
The Newmark-run marketing campaign has begun even before there’s a firm schedule for completion of the 414,000 square-foot project’s several components, although a short lived certificate of occupancy is anticipated this summer.
Asking rents weren’t disclosed but are likely to be higher for the brand new floors with advanced technology than for typical neighborhood asks of mid-$40s to mid-$50s per square foot in older buildings.
The ambitious, $242 million enterprise on bustling West one hundred and twenty fifth Street between Malcolm X and Adam Clayton Powell Boulevards is officially the Urban League Empowerment Center and can serve because the venerable organization’s recent headquarters, as we first reported.
Additionally it is to have 170 inexpensive rental apartments and a complete of 90,000 square feet of retail.
Office tenant amenities include an 8,000 square-foot roof terrace.
The mixed-use project will house a Goal and Trader Joe’s.Credit: Beyer Blinder Belle
Office tenant amenities include an 8,000 square-foot roof terrace.Credit: Beyer Blinder Belle
The stores include Goal and the primary Trader Joe’s in Upper Manhattan.
They reflect strong retail energy along Harlem’s most famous street, where some storefronts stand vacant but where the trajectory is usually upward.
Taconic is teamed with with L+M Development Partners, BRP Corporations and the Prusik Group.
Taconic vice-president Jane Luger said, “As more businesses shift away from traditional office districts to areas where their employees live, the project offers firms and organizations a novel proposition comprising well-designed offices in the center of Harlem.”
