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1941-1943 Madison Ave 24,511 SF 100% Leased Retail Building New York, NY 10035 $25,000,000 ($1,019.95/SF) 4% Cap Rate
Investment Highlights
- Corner Property
- Additional 110,836 Sq Ft
Executive Summary
**Prime Development Site | ±135,335 Buildable SF | FAR 6.02 | Harlem, Manhattan**
Exceptional opportunity to acquire a prime development site located at 1941–1943 Madison Avenue in the heart of Harlem. This offering includes valuable buildable air rights, delivering a total allowable FAR of 6.02 and approximately **135,335 buildable square feet** for residential use.
The site presents an ideal canvas for developers seeking to capitalize on the continued growth and strong demand in Upper Manhattan. Suitable for a large-scale residential development, including rental or condominium projects, with the potential for mixed-use components (subject to zoning and approvals).
Strategically positioned along Madison Avenue, the property benefits from excellent connectivity, proximity to multiple subway lines, and easy access to major thoroughfares. The surrounding neighborhood features a dynamic mix of new developments, established residential buildings, retail corridors, and cultural institutions, supporting long-term value and absorption.
**Key Highlights:**
* Allowable FAR: 6.02
* Buildable Residential SF: ±135,335
* Prime Harlem location with strong development momentum
* Ideal for residential or mixed-use development (as-of-right potential to be verified)
* Close proximity to transportation, shopping, dining, and community amenities
Rarely does a development site of this scale and buildable potential become available in such a rapidly appreciating Manhattan submarket.
Exceptional opportunity to acquire a prime development site located at 1941–1943 Madison Avenue in the heart of Harlem. This offering includes valuable buildable air rights, delivering a total allowable FAR of 6.02 and approximately **135,335 buildable square feet** for residential use.
The site presents an ideal canvas for developers seeking to capitalize on the continued growth and strong demand in Upper Manhattan. Suitable for a large-scale residential development, including rental or condominium projects, with the potential for mixed-use components (subject to zoning and approvals).
Strategically positioned along Madison Avenue, the property benefits from excellent connectivity, proximity to multiple subway lines, and easy access to major thoroughfares. The surrounding neighborhood features a dynamic mix of new developments, established residential buildings, retail corridors, and cultural institutions, supporting long-term value and absorption.
**Key Highlights:**
* Allowable FAR: 6.02
* Buildable Residential SF: ±135,335
* Prime Harlem location with strong development momentum
* Ideal for residential or mixed-use development (as-of-right potential to be verified)
* Close proximity to transportation, shopping, dining, and community amenities
Rarely does a development site of this scale and buildable potential become available in such a rapidly appreciating Manhattan submarket.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$1,211,400
|
$49.42
|
| Other Income |
$151,000
|
$6.16
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$1,362,400
|
$55.58
|
| Taxes |
$266,000
|
$10.85
|
| Operating Expenses |
$100,000
|
$4.08
|
| Total Expenses |
$366,000
|
$14.93
|
| Net Operating Income |
$996,400
|
$40.65
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $1,211,400 |
| Annual Per SF | $49.42 |
| Other Income | |
|---|---|
| Annual | $151,000 |
| Annual Per SF | $6.16 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $1,362,400 |
| Annual Per SF | $55.58 |
| Taxes | |
|---|---|
| Annual | $266,000 |
| Annual Per SF | $10.85 |
| Operating Expenses | |
|---|---|
| Annual | $100,000 |
| Annual Per SF | $4.08 |
| Total Expenses | |
|---|---|
| Annual | $366,000 |
| Annual Per SF | $14.93 |
| Net Operating Income | |
|---|---|
| Annual | $996,400 |
| Annual Per SF | $40.65 |
Property Facts
Sale Type
Investment
Sale Condition
Redevelopment Project
Property Type
Retail
Property Subtype
Building Size
24,511 SF
Building Class
B
Year Built
1926
Price
$25,000,000
Price Per SF
$1,019.95
Cap Rate
4%
NOI
$1,000,000
Percent Leased
100%
Tenancy
Multiple
Building Height
5 Stories
Building FAR
3.13
Lot Size
0.18 AC
Zoning
C4-4D - Regional commercial center located outside of the central business districts
Amenities
- Signage
Exceptionally walkable
100/100
Moderately drivable
60/100
Exceptional public transit
100/100
Very bikeable
80/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 1749-0050 | Total Assessment | $2,495,520 (2025) |
| Land Assessment | $439,200 (2025) | Annual Taxes | $266,000 ($10.85/SF) |
| Improvements Assessment | $2,056,320 (2025) | Tax Year | 2024 |
Property Taxes
Parcel Number
1749-0050
Land Assessment
$439,200 (2025)
Improvements Assessment
$2,056,320 (2025)
Total Assessment
$2,495,520 (2025)
Annual Taxes
$266,000 ($10.85/SF)
Tax Year
2024
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1941-1943 Madison Ave
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