Newmark Knight Frank named exclusive agent for 500,000 s/f

Global real estate provider Newmark Knight Frank has been named exclusive leasing agent for Harlem Green, a new 500,000 s/f, mixed-use complex in the 125th St. corridor on Amsterdam Ave. and West 126th. The complex is owned by affiliates of The Janus Property Company, a highly regarded long-term Harlem-based developer. This 2.5-acre complex consists of approximately 300,000 s/f of existing buildings, including the well known Mink Building, along with the potential to build another 200,000 s/f on the site. Current tenants include cultural institutions, high tech manufacturing, research and development, warehouse and distribution, showroom, and office users, both for-profit and not-for-profit. Qualifying tenants may take advantage of numerous as-of-right and discretionary incentive programs including no commercial occupancy tax, two energy programs, the Energy Cost Savings Program (ECSP) and Business Incentive Rate (BIR), which together lower gas and electric costs by more than 30 percent, the Relocation Employee Assistance Program (REAP), Enhanced Industrial and Commercial Incentive Program (Enhanced ICIP), and Commercial Rent Tax Abatement (CRT). Tenants may achieve $25 to $30 per square foot savings through these programs alone. Additionally, the property is located at the southern boundary of the Upper Manhattan Empowerment Zone, allowing for numerous additional benefits. "This is an exciting opportunity for tenants that have been historically located in Midtown or Downtown, or even outside the city, to be a part of one of Manhattan's most dynamic neighborhoods," said Newmark Knight Frank executive managing director Arthur Draznin. "With such amazing public transportation, including the #1, A, B, C and D subways and multiple bus lines closer than two blocks away, plus the 125th Street entrance and exit of the West Side Highway, the property is well positioned for a broad group of users." "Our office has been in this neighborhood for 20 years. It is so convenient and there are so many stores, restaurants and shops that serve the community, Columbia University and City College. As Columbia expands its campus just a few blocks away, these amenities will multiply, yet rents are still very affordable today," said Scott Metzner, Janus Property Company principal. Formed in 1989, The Janus Property Company is a developer, owner and manager of residential, commercial and mixed-use properties. The primary focus of Mr. Metzner and Jerry Salama, the two principals of Janus, has been the creative redevelopment of properties in East, Central and West Harlem. This project represents the largest privately held development in the Manhattanville neighborhood of New York and has the broad support of City agencies, elected officials and the community.