NEW YORK, NY – February 5, 2018 – Ariel Property Advisors facilitated the sale of 465 West 163rd Street, a development site, and 514 West 169th Street, 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 Street – Sold for $1.49 million, the vacant lot is located on a prime residential block on West 163rd Street, between Edgecombe Avenue and Amsterdam Avenue. Zoned R7-2, the site permits approximately 18,253 buildable square feet (w/community facility bonus), or 9,675 buildable square feet (as-of-right). The asset is just steps away from the C and 1 subway lines, allowing easy transportation to numerous well-known institutions, such as Columbia University and Columbia Presbyterian Hospital.

Exclusive agents Victor Sozio, Michael A. Tortorici, and Matthew L. Gillis represented the owner.

514 West 169th Street – Sold for $2.5 million, the 10-unit multifamily building is situated on the south side of West 169th Street, between Audubon and Amsterdam Avenues. The 5-story walk-up building, where all of the units are rent stabilized, spans 8,125 square feet. With current rents nearly 35% below market, the new owner benefits from considerable upside in a neighborhood that has been experiencing notable growth year-over-year.

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 also boasts an abundance of transportation options, with the 1, A, and C subways lines situated just 2 blocks away.

Exclusive agents Victor Sozio, Michael A. Tortorici, and Matthew L. Gillis, and David Khukhashvili represented the owner.