The price of Harlem real estate continues to soar for long-neglected properties in prime locations.
One of the neighborhood’s best-situated development sites — the five-building assemblage from 54-62 W. 125th St., east of Lenox Avenue — has sold for $26.5 million, nearly twice what it went for six years ago. The low-rise, vacant properties — just steps from a new Whole Foods and around the corner from Marcus Samuelsson’s Red Rooster restaurant — have long been an eyesore on the fast-changing block between Fifth and Lenox avenues.
While the name of the secretive buyer was not disclosed, public records show the managing partner of the purchasing entity is Jacob Kohn, who’s an acquisitions specialist at Brooklyn’s JV Capital Group.
A new project at the 125th Street site can be built up to 75,000 square feet for residential or commercial use under zoning. The size could rise to 100,000 square feet if the owners take advantage of a so-called visual-arts bonus, which allows larger projects along the street if they include visual-arts or performance spaces.
In December, The Post reported the sellers were asking for $27.5 million via Ariel Property Advisors.
The historic 125th Street corridor is surging with new residential and retail development from end to end, as well as a Marriott hotel on the former Victoria cinema site and an enlarged Studio Museum in Harlem. The corridor’s soaring fortunes have drawn the attention of major developers. The Durst Organization recently purchased two large lots on East 125th between Park and Madison avenues and is weighing options for them.

