Listing Courtesy of Douglas Elliman Real Estate
$2,100,000
Est. payment /mo
8 BD
8 BA
New
5 E 124TH Street #BUILDING Manhattan, NY 10035
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UPDATED:
02/21/2025 09:02 AM
Key Details
Property Type Multi-Family
Sub Type Triplex
Listing Status Active
Purchase Type For Sale
Subdivision South Harlem
MLS Listing ID RLS20003175
Style Walk-Up
Bedrooms 8
Full Baths 8
HOA Fees $1,000/mo
HOA Y/N Yes
Year Built 1909
Property Sub-Type Triplex
Property Description
Prime Investment Opportunity Overlooking Marcus Garvey Park - A Rare Multi-Family Brownstone in a Transforming Harlem 5 East 124th Street presents a once-in-a-generation opportunity to own a true Harlem brownstone on a landmarked, park-facing block, with built-in long-term upside in one of Manhattan''s most rapidly appreciating neighborhoods. Located directly across from Marcus Garvey Park, this four-story, 8-unit brownstone offers a front-row seat to Harlem''s ongoing renaissance. Investors and owner-occupiers alike will benefit from the property''s unmatched combination of location, scale, and long-term potential-where protected zoning ensures the park''s open southern light and historic charm remain unchanged forever. Investment Highlights 8 Rent-Stabilized Units - Immediate income with future upside 3 Vacant Units at Closing - Ideal for owner-occupancy or value-add opportunities 5 Renovated Units - Providing modern convenience while maintaining pre-war charm Strong Rent Roll ($200K+) & 5.33% Cap Rate - Excellent cash flow in an appreciating market Low Annual Taxes ($11K) - Favorable holding costs enhance long-term profitability Historic Brownstone, Modernized for Today Built in 1909, this classic Harlem brownstone retains its pre-war details while featuring modern renovations (2017). The true 4-story brownstone sits on a 20'' x 100.92'' lot and is built 20'' x 48'', offering approximately 3,840 SF of livable space. For buyers looking to combine investment with luxury living, the parlor-level unit offers a private backyard, while the top-floor penthouse boasts iconic park views-perfect for an end-user or high-end rental. The Neighborhood: Unstoppable Growth & Unmatched Lifestyle This coveted landmarked district is experiencing major development while maintaining the timeless charm of Harlem''s most historic streetscape. Just steps from Whole Foods, Trader Joe''s, and top-tier dining, the property is also within easy reach of major transportation hubs: 2 Blocks to 2, 3, 4, 5, 6 Subway Lines 3 Minutes to Metro-North Quick Access to Columbia University, Upper East & West Sides, and Midtown Why Harlem? Why Now? Harlem has emerged as a top destination for long-term real estate appreciation, with rising property values, luxury developments, and a cultural revival that makes it one of NYC''s most exciting investment markets. With limited housing inventory on this protected historic park block, 5 East 124th Street stands out as a rare acquisition for investors seeking both immediate returns and long-term value growth. This is not just an investment-it''s a chance to own a piece of Harlem''s history with guaranteed long-term upside in an area where demand is surging, but supply remains limited. Seize this opportunity to invest in one of Manhattan''s most storied and evolving neighborhoods. Contact us today for a private tour of this one-of-a-kind Harlem brownstone!
Location
State NY
County Newyork
Building/Complex Name The Marcus
Rooms
Basement Other
Interior
Cooling Central Air
Fireplace No
Laundry Building Other
Exterior
Exterior Feature None
View Y/N Yes
View City Lights, City, Park/Greenbelt, Panoramic
Porch None
Private Pool No
Building
Story 5
Entry Level Tri-Level
Level or Stories Tri-Level
New Construction No
Others
Ownership Rental Building
Monthly Total Fees $1, 000
Special Listing Condition Standard
Pets Allowed Building Cats OK, Building Yes, Cats OK, Yes
RLS Data display by Coastal Property Advisors