Harlem Theater & Development
4-6 Hancock Pl, New York, NY 10027
Premier Harlem development site with theater and residential potential.
Type:Commercial
Property size:
10,490 SFPrice / SF:
$571/SF- Added:
- Mar 16, 2026
- Days on Market:
- 114
- Last Refresh:
- Jul 5 at 5:41 am
Property Features for 4-6 Hancock Pl
General Information
- Standard status
- Active
- Size
- 10,490 SF
- Property subtype
- Commercial
Listing office (212) 350-8055
Listing date Mar 16, 2026
Source Elliman
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
All listing content including descriptions, pricing, images are the copyrighted material of Alexander Boriskin
HighLights
- Rare opportunity for a large development site in Central Harlem suitable for residential, commercial, or community facility use.
- Prime location: one block from the 125th Street subway (A, B, C, D lines) and close to major retailers, Columbia University, and cultural landmarks.
- Includes the historic Faison Firehouse, a 10,490 SF Beaux Arts building with unique architectural details and potential for various uses.
- Features a private finished roof deck with 360‑degree city views.
- Includes a curb cut garage, a rare amenity in Harlem.
- Adjoining lot (4 Hancock Place) provides additional space for new construction, expansion, or a private garden.
Overview
Located in the heart of Central Harlem, 4 and 6 Hancock Place presents a development opportunity featuring the legendary Faison Firehouse and an adjacent lot. The 29-foot wide, 10,490 SF Beaux Arts masterpiece, completed in 1909 by architect Howard E. Constable for Hook & Ladder Company 40, offers possibilities ranging from a striking residential development to a world-class media or entertainment venue, a grand private mansion, or an exceptional live/work space. The Faison Firehouse features an ornamental limestone façade flanked by two grand bay windows, 16+ foot ceilings, abundant natural light, Venetian Palazzo-inspired interiors with a Juliette balcony, terraces on every floor, HVAC central air, a private finished roof deck with 360 city views, and a curb cut garage. The adjacent lot, currently used as a private garden, is suitable for new construction, expansion, or additional outdoor living space. The combined lots offer residential development potential of 30,332.8 SF, community facility potential of 32,588.7 SF, and commercial potential of 15,979.3 SF. The property is just one block from the 125th Street subway station with the A, B, C, and D lines, and the M3 bus line. It is surrounded by neighborhood staples and major retailers, across the street from Starbucks, and in immediate proximity to AMC Theatres, Old Navy, and CVS Pharmacy. Situated beside the Factory District and Columbia University's new Entrepreneurial Development Hub and Manhattanville Campus, this unique property is also just blocks from Morningside Park, the Apollo Theater, and Harlem's acclaimed dining corridors along Frederick Douglass and Lenox Avenues.
Local Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $629.4k | $60.00 |
| − Vacancy | −$94.4k | −$9.00 |
| EGI | $535.0k | $51.00 |
| − OpEx | −$200.6k | −$19.13 |
| NOI | $334.4k | $31.88 |
10,490 SF · lease $60.00/SF/yr · vacancy 15.00% · expense 37.50%
Alternative Uses
Best Use
Mixed Use
$4.78M
$4.18M – $5.57M
NOI $334,369 @ 7.0% cap · market cap 5.57%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$26.11M
$22.85M – $30.46M
NOI $1,827,778 @ 7.0% cap · market cap 30.46%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Theaters & concert halls
Location Insight
- Map
- Local Demand
- City
- New York
- County
- New York
- State
- New York
- Longitude
- -73.9535777
- Latitude
- 40.8100117
Nearby Similar for Sale
FAQs
What type of property is this?
Theater & concert hall - Premier Harlem development site with theater and residential potential.
Where is this theater & concert hall located?
The property is located at 4-6 Hancock Pl New York, NY.
What is the asking price?
The asking price for this property is $6,000,000.
What are key features of this property?
This property features: Rare opportunity for a large development site in Central Harlem suitable for residential, commercial, or community facility use.; Prime location: one block from the 125th Street subway (A, B, C, D lines) and close to major retailers, Columbia University, and cultural landmarks.; Includes the historic Faison Firehouse, a 10,490 SF Beaux Arts building with unique architectural details and potential for various uses.
