497 W 129th St 11,579 SF Industrial Building New York, NY 10027 For Sale

Jones Lang Lasalle (“JLL”)has been exclusively retained
to market the sale of 497 West 129th Street (“The Property”),
a distinctive ~11,000 square foot, block-through industrial
building in Manhattan. Strategically positioned between
Convent and Amsterdam Avenues, the building offers dual
frontage via West 129th and West 130th Streets. The ~55’
wide facility features a curb cut with drive in access on
West 129th Street, sloped ~40’ ceilings, and column free
spacing allowing for optimal distribution processes. The
rare zoning conditions allow industrial and logistics users
access to an area previously rezoned.
The Property is subject to a lease agreement with an
investment grade tenant, Amazon (S&P: AA-), with the
primary term expiring on October 31, 2027. Amazon is in
the second (2nd) year of the initial three-and-a-half (3 ½)
year lease term, and the lease includes one (1), four (4)
year extension option. The lease operates under a net lease
structure, with Amazon responsible for all major expenses
including real estate taxes, insurance, management fees,
and miscellaneous costs. Upon sale, Amazon will be in
the third year of its lease term with annual payments of
$583,495. Amazon uses the property as a true last mile
delivery facility for sub-same day delivery, delivering
millions of packages per year from the site.
The property benefits from it’s pre-existing nonconforming use which permits the current use, creating
a uniquely positioned asset in Manhattan’s highly
constrained market. No area exemplifies the scarcity
of zoning compliant industrial space more so than the
Upper West Side, where there are no available spaces
(see map on page 5 for further information). Aside from
the Property, there are no other proximate locations
to efficiently deliver to the densest residential
population in the United States.
The space functions perfectly for Amazon’s sub-same day
delivery operations, while its proximity to Manhattan’s
dense population provides optimal logistics efficiency.
Amazon’s significant operational investment in this facility—
which has become integral to its sub same day operations—
and the lack of viable alternative locations in Manhattan,
ensure the tenant’s renewal prospects are highly secure. The
unique mix of zoning protection, operational necessity, and
market scarcity, along with a below market rent relative to
the facility’s high-volume throughput, position this as a rare
and compelling investment opportunity.
Two additional value drivers of the asset are its
surrounding population density and accessibility. The
location allows Amazon to service deliveries throughout
the Upper West Side, Upper East Side as well as Harlem &
Northern Manhattan. Approximately 600K people live in
these neighborhoods within a 15-minute bike ride of the
Property, which if separated would make them a top 30
city in the United States, greater than the populations of
Baltimore, Atlanta, & Miami, for example. Additionally, the
proximity to all major highways allows inbound delivery
partners to seamlessly deliver goods to the facility.Lastly,
transportation connectivity in the area is also excellent,
providing facility employees with immediate access to the
1 A B C D subway lines and numerous bus routes