HARLEM — A new residential and commercial development could be on the way to a building across the street from the Apollo Theater.
The owners of 256 W. 125th St. are looking for a partner to invest $1.7 million annually for a 99-year lease on the site, according to investment property sales firm Ariel Property Advisors.
Ariel Property spokeswoman Gail Donovan said a family, who she refused to name, have been longtime owners of the property.
A one-story building currently sits on the lot, which is about 15,000 square feet and spans through the block to 243 W. 124th St., agents said. The site has up to 108,000 buildable square feet for a mixed-use building, according to Ariel Property.
The building is currently occupied by Harlem NYC retail store and has a tenant in the basement, the firm said, but the tenants could be forced to move.
“Both spaces can be delivered vacant allowing for immediate development,” Ariel Property Advisors said.
A manager at the clothing store said he had not heard that the building's owner was looking to develop the property. The store's owner could not be reached for comment.
The property will join many of the new developments and businesses opening along 125th Street.
The historic street saw a two-story Red Lobster open last year and is set to get a Whole Foods and a brewery.
