NEW YORK CITY-A church between Fort Washington Avenue and Broadway in Washington Heights could become the next big multifamily development in the area, GlobeSt.com has learned. Investment sales firm Ariel Property Advisors has been to retained to sell a development parcel at 605 W. 161st St., a site that could be transformed into a rental building, a school or a medical office near Columbia Presbyterian Hospital.
The existing 9,610 square-foot building, which could be delivered vacant, requires “significant rehabilitation,” but can also present a unique opportunity for local apartment developers, Ariel’s VP Michael A. Tortorici tells GlobeSt.com.
“It is zoned R-8, which is predominantly a residential zone, but you could get a small community facility bonus as well,” Tortorici says, who is marketing the site along with Shimon Shkury and Victor Sozio. “If it just straight residential, you are looking at about 46,000 buildable square feet, and with a community facility, be it a school or maybe medical use or something to that extent, you end up at 49,850 square feet, as of right.”
The property—which is privately-owned by a religious institution—is located among several Washington Heights landmarks, including Jumel Terrace, Highbridge Park, and the Morris-Jumel Mansion. The site is also in close proximity to the C train at West 163rd and Amsterdam, Harlem River Drive and the Henry Hudson Parkway.
In addition to 605 W. 161st St., the firm is actively marketing other sites across Northern Manhattan. Nearby, Ariel is working to sell a 33,750-square-foot lot at 444-46 W. 163rd St. between Edgecombe and Amsterdam Ave. On the East Side, the firm is marketing 2183-2189 Third Ave. on the northeast corner of East 119th St. and 71-73 E. 110th St. between Madison and Park Ave. in Harlem.
“As of now, we are selling lots of development sites in the area now and we expect a whole range of developers from market-rate residential developers, non-profits, affordable developers, the whole gamut of residential developers in Upper Manhattan will be taking a look at this one,” Tortorici says.
Several weeks ago, Ariel sold a mixed-use Central Harlem portfolio below 125th Street to Newark-based TreeTop Development for $18.4 million. The portfolio consisted of four buildings with 82 residential units and 11 retail units located at 120-26 West 116th St.; 1917-19 Adam Clayton Powell Jr. Blvd.; 110 St. Nicholas Ave.; and 110 West 116th St.
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