New York, NY, June 22, 2015
– Following completion of a major redevelopment and repositioning, one of the most significant and storied office buildings in Harlem — the Corn Exchange Building — has been brought to market for lease by Colliers International
. The landmarked property from Harlem-based owner/developer Artimus is poised to become a catalyst for economic development in the area.
The seven-story, 35,000-square-foot brick clad building — located at 81-85 East 125th Street and Park Avenue — is one of the most architecturally distinct structures in the neighborhood and among the most desirable Harlem destinations. The property includes 10,000 square feet of retail and 25,000 - 30,000 square feet of boutique office space.
The Corn Exchange Building is LEED certified, comes with a private entrance, and offers signage possibilities for an anchor tenant. As an added amenity, tenants will have access to a gorgeous roof deck with spectacular views, available on an exclusive basis in conjunction with leasing the penthouse floor.
The Colliers International agency team of Executive Managing Director Eric Yarbro, Executive Managing Director Drew O’Malley, Executive Director JoAnn Stock, and Associate Director Reggie Wills represents the building on behalf of ownership.
Yarbro noted that Artimus was awarded the project to redevelop this historic property through an exhaustive, competitive bidding process because they are experienced owner/developers with a long track record of success in Harlem and a long-term commitment to the community.
Originally constructed in 1883 as headquarters of the Mount Morris Bank, the Queen Anne-style building was taken over in 1913 by the Corn Exchange Bank. But as the decades went on the building fell into severe disrepair.
The property was recently redeveloped by Artimus, which rebuilt the landmarked asset with virtually column-free space, open ceilings, and a large roof-top terrace. The owners even installed geothermal heated sidewalks, a first for commercial properties in Harlem.
In close proximity to restaurants, shopping, and steps away from the 125th Street Metro North Station, the Corn Exchange Building is easily accessible from Midtown Manhattan, White Plains, Stamford, Westchester, and minutes away from LaGuardia and JFK airports.
Yarbro also addressed the Corn Exchange Building assignment as an expansion of his practice in the community. “This property further emboldens my efforts to do more business in Harlem, where I am a resident and particularly active,” he explained. “Harlem is in the midst of a Renaissance, ripe with opportunity. We anticipate considerable activity at the Corn Exchange Building, with an abundance of high-caliber tenants vying for space.”
O’Malley further noted that the awarding of this assignment is in keeping with a larger endeavor for Colliers International, which is expanding its agency practice, servicing more owners and properties.