INVICTUS Property Advisors has been retained on an exclusive basis for the sale of a Washington Heights Development Site, a unique opportunity zone development adjacent to a number of key residential and commercial drivers in Washington Heights. The subject property is a vacant lot that is prime for either a residential and medical facility redevelopment. Current ownership has proposed plans in late stages of DOB approval for a twelve (12) unit elevator multifamily building that comprises of eleven (11) two-bedroom units and one (1) one-bedroom apartment.
The subject property is strategically located near the Columbia University Medical Campus, allowing a future developer to benefit by maximizing the full community facility FAR with either medical office space or a build-out for private clinics. In addition, future ownership can benefit from condominium sell-outs approaching $1,000/SF and rental rates at $50/SF for new product that is less than a few minute walk away from the medical village. The land is semi-detached as the neighboring lot is the Morris-Jumel Community Garden that is unlikely to ever be developed as it is preserved under the 2002 Settlement that the Bloomberg administration brokered protecting over 500 Community Gardens throughout the City. This offers the subject property exposure to light and air on the three-sides of the property.
The development opportunity is also located within a Certified Opportunity Zone that stretches between West 159th Street and West 165th Street between Edgecombe Avenue and Saint Nicholas Avenue (Census Tract 243.01). There are only *three (3) other properties that would classify as either potential redevelopment within this census tract of Washington Heights.
The subject property is located just half a block away from the C subway line at West 163rd Street and Saint Nicholas Avenue as well as the 1 subway line on West 169th Street and Broadway and the A subway line on West 168th Street and Saint Nicholas Avenue. The express lines allow for access to midtown Manhattan in less than 30 minutes.
*Data sourced from Actovia CMI, does not include New York City owned lots, one (1) vacant lot that is already under construction or vacant conversion opportunities.
