Manhattan, NY Ariel Property Advisors facilitated the sale of 465 West 163rd St., a development site, and 514 West 169th St., a multifamily building, located in Northern Manhattan’s thriving and rapidly expanding neighborhood of Washington Heights. The two properties sold for a collective $3.99 million.
• 465 West 163rd St. sold for $1.49 million. The vacant lot is located on a residential block on West 163rd St., between Edgecombe Ave. and Amsterdam Ave. Zoned R7-2, the site permits 18,253 buildable s/f (with a community facility bonus), or 9,675 buildable s/f (as-of-right). Exclusive agents Victor Sozio, Michael Tortorici, and Matthew Gillis represented the owner. The asset is close to the C and 1 subway lines, allowing transportation to well-known institutions, such as Columbia University and Columbia Presbyterian Hospital.
• 514 West 169th St. sold for $2.5 million. The 10-unit multifamily building is situated on the south side of West 169th St., between Audubon and Amsterdam Aves. The 5-story walk-up building, where all of the units are rent stabilized, spans 8,125 s/f With current rents 35% below market, the new owner benefits from considerable upside in a neighborhood that has been experiencing continued growth. Exclusive agents Sozio, Tortorici, and Gillis, and David Khukhashvilli represented the owner. The new owner or the multifamily property also enjoys tax relief from a J-51 abatement that is in place until the year 2027. The building is close to the 1, A, and C subways lines.