NEW YORK, NY – February 28, 2012 – (RealEstateRama) — Ariel Property Advisors has been retained to sell a Washington Heights development site at 605 W. 161st Street near Columbia Presbyterian Hospital. The asking price is $3.15 million.
“The property currently has a religious building on the premises and will be delivered vacant,” said Michael A. Tortorici, vice president of Ariel Property Advisors. “While the existing building will require significant rehabilitation, it could present a unique opportunity for both religious institutions and residential or non-profit developers.”
The 9,610 square foot building is located on a 75 foot x 102.25 foot lot. Current zoning provides potential developers with 46,167 buildable square feet for residential use, or 49,849 buildable square feet for community facility use, as of right.
The property is located among several Washington Heights landmarks, including Jumel Terrace, Highbridge Park, and the Morris-Jumel Mansion.
“Washington Heights development sites located west of Broadway rarely come to market and typically command a premium compared to comparable assets in Upper Manhattan,” Mr. Tortorici said.
For details, please contact exclusive agents Mr. Tortorici, 212-544-9500, ext. 13, mtortorici (at) arielpa (dot) com; Shimon Shkury, 212-544-9500, ext. 11, sshkury (at) arielpa (dot) com; Victor Sozio, 212-544-9500, ext. 12, vsozio (at) arielpa (dot) com: or Daniel Tropp, 212-544-9500, ext. 26, dtropp (at) arielpa (dot) com.
Ariel Property Advisors is a New York City investment property sales firm. The firm produces a number of research reports including the Multifamily Month in Review: New York City; Northern Manhattan Sales Report; and Northern Manhattan Fundamentals Report. More information is available at arielpa.com.
Photo caption:
Ariel Property Advisors has been retained to sell this Washington Heights development site at 605 W. 161st Street
Stay Connected:
• Ariel Property Advisors (para. 1)
http://arielpa.com/about/company/
• 605 W. 161st Listing (para. 1)
http://arielpa.com/listings/available-properties/605-west-161st-street/
• Michael A. Tortorici (para. 2)
http://arielpa.com/about/team/michael-a-tortorici/
Gail M. Donovan
Director of Communications
Ariel Property Advisors
P: (212) 544¬9500 ext. 19
C: (917) 301¬5706
E: gdonovan (at) arielpa (dot) com
