APPROX. PARKING SPACES
Victoria Theater: Built on History
On October 5, 1917, the Victoria Theater, a 2,400-seat luxury vaudeville and motion picture theater, was opened by the Loew’s Corporation. The theare was designed by Thomas W. Lamb, one of the most prominent designers of theaters and cinemas in the 20th century.
Use the Icons to view more Info
World War I ends
Wall Street crashes, Great Depression begins
Apollo Theater opens at 253 West 125th Street
World World II ends
Man lands on moon
Miles Davis records “Kind of Blue” in New York City
Victoria Theater sold to the Harlem Community Development Corp.
Victoria Theater closes
Victoria Theater reopens as part of a grand redevelopment
Also located on the 125th Street corridor is the Studio Museum of Harlem, stocked with new and historic works by African-American artists, alongside those by artists from Africa and the African diaspora. Highlights of the permanent collection include paintings by Romare Bearden and seminal photographs of the neighborhood by James VanDerZee. Nearby, the National Jazz Museum in Harlem, a Smithsonian affiliate, hosts performances as well as discussions with artists and critics related to the genre. A veritable mecca for New York City landmarks, Harlem has more than 50 sites listed on the National Register of Historic Places, including the Apollo Theater, Lenox Lounge, Langston Hughes House and Duke Ellington Circle. Harlem is quickly emerging into a desirable neighborhood, particularly near the subway lines that provide commuters convenient access to Manhattan’s primary business districts; average effective incomes increased 80% between 2000 and 2018, from about $37,000 to about $66,500. Harlem is an easy commute to the major economic centers of Midtown Manhattan and Lower Manhattan because of New York’s robust transportation options. Public transportation service is provided by the Metropolitan Transportation Authority, including the New York Subway and MTA Regional Bus Operations. Harlem’s subway lines include the IRT Lenox Avenue Line 2 and 3 trains, the IND Eighth Avenue Line A, B, C and D trains, and the IND Concourse Line B and D trains.
A storied neighborhood reinvents itself
The Victoria is a new 29-story development in New York City, with a 211-key Marriott Renaissance, 191 pristine residential apartments, live theater operated by the iconic Apollo Theater Group, and 24,000 square feet of retail space.
Reviving the legacy of Harlem’s cultural roots
That legacy is still evident today, especially along the area’s main thoroughfare, 125th Street, which is anchored by the Apollo Theater and the soon-to-be-restored Victoria Theater, which originally opened as a vaudeville house in 1917. The Apollo, which made its debut in 1934, helped introduce to the world artists such as Ella Fitzgerald, Billie Holiday, and James Brown, and has remained a continuous source of local—and national—pride for the better part of a century.
Large-scale mixed-use project
Extensive tax incentives
The holy grail of opportunity zone investments
Diversified income streams:
two blocks fromthe 125th Street Stations
on the same block as the historic Apollo Theater
The Victoria will utilize 421-a, 420-c and ICAP
Retail, hospitality, residential and parking
With access to the 2, 3, A, B, C and D lines
Harlem’s first four-star full-service hotel; significant foot traffic as Harlem’s must-see tourist attraction
Opportunity Zone Overview
Potential Tax Benefits of Qualified Opportunity Funds
Investors with taxable capital gains have the ability to take advantage of the following benefits while reinvesting their capital gains into a QOF. Below are potential benefits that may be realized over the course of the investment.
Temporary DEFERRAL of Capital Gain
ELIMINATION of Gain on the QOF Investment
Partial REDUCTION of Capital Gain
If a taxpayer invests capital gains in a QOF within the appropriate time frame, the investor can elect to defer the gain to the earlier of the sale or the disposition of the investment, or December 31, 2026.
Reduction of 10% to 15% of the capital gain: Investments held in the QOF for at least five years will receive a basis increase equal to 10%. Investments held in the QOF for at least seven years will receive a basis increase equal to 15%.
A permanent exclusion from gross income of capital gains from the sale or exchange of an investment in a QOF, if the investment is held for at least ten years. This exclusion applies to the gains accrued from an investment in a QOF, and not the original gains invested into a QOF.
Both federal and state incentives and credits may be available to enhance the benefits available to investments in Qualified Opportunity Zones.
Proven Development Team
The Lam Group is a New York City-based, full-service real estate development and management company with expertise in hospitality, residential and mixed use projects. Since the 1970s the company has successfully completed over 50 large scale projects in New York City, with an additional nine hotels currently under construction.
Proven Development Team
Proven Development Team
Exact Capital has earned an impeccable reputation with more than 20 years of development experience, almost exclusively in the urban areas in the Tri-State region. Throughout its history, the company has developed more than 2,000 units, totaling more than 1 million square feet. The company is exceptionally versatile, having completed condominium projects, retail, hotel and community facilities.
Affordable New York – 421-a
421-a Tax Benefit
The Victoria’s mixed income units have their tax liability governed by Affordable NY, 421-a.
Tax Incentives: 420-c
The Victoria’s affordable units have their tax liability governed by the 420-c tax incentives.
Industrial and Commercial Abatement Program (ICAP)
The Victoria’s hotel, retail and parking have their tax liability governed by ICAP.
Breaking down property taxes
Property Tax Rate
Property Assessed Value
Harlem’s development boom brings cornerstone projects to the submarket
Taystee lab Building
450 W 126th Street, New York, NY 10027 Within half-a-mile of The Victoria
A new 300,000-square-foot Class A, LEED-certified, state-of-the-art life sciences building
Eleven Hancock Place
11 Hancock Place, New York, NY 10027 Within half-a-mile of The Victoria
130,000-square-foot mixed-use project incorporating residential and retail components
One East Harlem
201 E 125th Street, New York, NY 10027 Within 1 mile of The Victoria
400,00 square feet of market rate and affordable housing, commercial space and publicly accessible outdoor space
54-62 West 125th Street
54 W 125th Street, New York, NY 10027 Within 1 mile of The Victoria
The 17-story building will house a community facility and 141 apartments
Increase from 2010 (521,622)
Average household income
Apartment Average Effective Rents
Source: Marcus and Millichap Research Services
125th Street Retail Corridor
Food & Restaurants
Points of Interest
Schools & Universities
Prestigious Columbia University is within 1 mile of The Victoria
Best value schools
Best Undergraduate engineering program
Best Law school
Best Business school
Best engineering school
In sponsored research projects each year in more than 200 research centers and institutes
Active patents across the full spectrum of research areas
University alumni network
Columbia Engineering alumni network
One of the most diverse student bodies in the country
Largest international student population of any U.S. university
NCAA team championships
NCAA individual championships
Growing endowment represents alumni and institutional confidence in growing university.
Columbia’s expanding $6.3 billion 17-acre Manhattanville campus in Harlem
Jerome Greene Science Center
3227 Broadway, New York, NY 10027 The Jerome L. Greene Science Center is a recently constructed 450,000-square-foot facility designed by Renzo Piano Building Workshop for Columbia University’s Mortimer B. Zuckerman Mind Brain Behavior Institute.
Lenfest Center for the Arts & The University Forum at Columbia
Columbia University’s Lenfest Center for the Arts and University Forum will shape the neighborhood’s cultural hub
Columbia Business School’s Ronald O. Perelman Center for Business Innovation & The Henry R. Kravis Building
Exclusively listed by
Eric M. Anton
Manhattan Office email@example.com Direct: (212) 430-5209 Office: (212) 430-5100 Cell: (917) 848-6043 License: NY 30AN0806291
Manhattan Office Nelson.Lee@marcusmillichap.com Direct: (646) 805-1497 Office: (212) 430-5100 Cell: (917) 885-0894 License: NY 10301215040
Manhattan Office Christopher.Warner@marcusmillichap.com Tel: (212) 430-1454 License: NY 10401309049
Justin M. Natalizio
Manhattan Office Justin.Natalizio@marcusmillichap.com Tel: (212) 430-5100 License: NY 10401310452
Iona S. Liu
Manhattan Office Sang.Liu@marcusmillichap.com Tel: (646) 805-1498 License: NY 10401321378
Marcia Rose Yawitz
Manhattan Office Marcia.Yawitz@marcusmillichap.com Tel: (212) 430-5135 License: NY 30YA0796459
Professional Advisory Services
These professionals are available to assist investorswith due diligence questions:
Hotel Advisory Firm
Residential Advisory Firm
Opportunity Zone Advisory