A mixed-use building at 309 Amsterdam Avenue, located between West 74th and West 75th Streets in Manhattan’s Upper West Side – Central Park West Historic District, was sold in a transaction valued at $6,650,000.
The four-story building contains approximately 4,080 square feet on a 17’ x 81’ lot. It consists of a 1,200-square foot retail space with exceptionally high ceilings and three floor-through, one-bedroom apartments. Delivered entirely vacant, the sale price equates to approximately $1,630 per square foot. The purchaser is an investor who will make improvements and re-rent the store and apartments to hold for income.
The property is located in one of the busiest shopping and dining locations on the Upper West Side, and is less than two blocks from the express and local 72nd Street 1, 2, and 3 trains.
“Mixed-use properties on the Upper West Side, especially below 86th Street, simply don’t trade that often, so when one hits the market properly and people actually know about it, there is huge demand,” said Cushman & Wakefield’s Paul Smadbeck, who exclusively handled this transaction for the seller along with Robert Stufano. “In the end we found the right buyer who paid a significant premium to get the property in their first New York City purchase,” Smadbeck added.
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Neighborhoods: Upper West Side