A development site at 514 West 168th Street, located just one block from Columbia Presbyterian Hospital in Washington Heights, was sold in an all cash transaction valued at $1,400,000.
The 4,750 square foot development site has approximately 19,000 square feet of residential air rights and approximately 28,595 square feet of community facility air rights. The lot has 50 feet of frontage on West 168th Street, of which 30 feet is zoned R7-2 with a C4-4 overlay while the remaining 20 feet of frontage is zoned R7-2. The site is suitable for a residential, mixed-use or community facility development. It is located just one block from the A express train and one block from Columbia Presbyterian Hospital. The sale price equates to approximately $73 per buildable square foot.
“This sale is clearly evident of the development site rebound uptown as we experienced multiple offers which ultimately pushed the sales price straight through our asking price,” said Massey Knakal First Vice President of Sales Robert M. Shapiro who exclusively handled this transaction with Massey Knakal Partner James P. Nelson. “The purchaser of the site plans to construct a mixed-use project,” added Shapiro.
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Neighborhoods: Washington Heights/ Agents: Robert Shapiro