INVICTUS Property Advisors has successfully closed 1840-1846 Amsterdam Avenue & 503 West 151st Street, a corner mixed-use redevelopment site with 175' of wrap-around frontage. Currently, the property consists of three (3) mixed-use buildings with a total of eight (8) free-market apartments, four (4) ground floor retail stores and a vacant lot which is being used for parking with seventeen (17) spaces. The opportunity represents a premier redevelopment opportunity along Amsterdam Avenue and West 151st Street with flexible mixed-use zoning with a future developer taking advantage of 30,050 buildable square feet (BSF) as-of-right.
The asset's strategic location is a short walk away from the The City College of NY which has a student body population of over 16,000. The property is located by the Amsterdam Avenue and Broadway retail corridors, which are home to some of Harlem's most well-known restaurants and cafes, such as Harlem Public, Fumo, Oso, The Chipped Cup and Anchor Wine Bar, among many others. In addition, the asset is a short walk away from The City College of New York and in close proximity to the Columbia University Manhattanville Expansion Project which is a seven (7) million SF expansion, of which several new buildings in its Phase 1 of construction are already completed and occupied. One block south sits the district's first charter school, New Heights Academy, serving 765 students in grades 5-12.
The property is also near several parks, including Riverside, Jackie Robinson, and Trinity Cemetary Park. The neighborhood is surrounded by Certified Opportunity Zones which encourage long-term, patient capital to invest in eligible urban communities and will continue to bolster the West Harlem community. New development projects are currently garnering approximately $55/SF in residential rental rates and $1,200/SF in condominium sellouts. The building is just a few blocks away from the A, B, C & D subway lines on Saint Nicholas Avenue & West 147th Street as well as the 1 subway line on West 145th Street and Broadway. Residents from the neighborhood are minutes from Midtown Manhattan by car or subway.
