Invictus Property Advisors handled the $18.05 million sale of 2335 12th Avenue, a three-story building and future development project located adjacent to the Columbia University Expansion Project in West Harlem’s Manhattanville.
Invictus Founders Josh Lipton and Andrew Levine represented both the undisclosed buyer and the seller, the Cayer Family, which has owned the existing 22,500-square-foot building since 1986 where they operated their business. As a development project, the building site represents 45,770 buildable square feet.
The recent sale traded for $394 per buildable square foot, which is a record-breaking price for a development site in Upper Manhattan, said Lipton and Levine.
Lipton said the Invictus team identified “a developer with a long-term outlook, who envisions leasing the existing asset in the short-term and ultimately redeveloping the asset and holding for decades to come.”
Levine added that the flexible mixed-use zoning allows for a wide variety of uses as opposed to the parcels across the street, which are restricted to manufacturing uses under the current (i.e., m-zoned). The building and lot is one of only six lots in this pocket of Manhattanville not owned by Columbia University, which is in the midst of a 6.8 million-square-foot campus expansion with a projected budget in excess of $6 billion.
