NEW YORK, NY – February 8, 2022 – Ariel Property Advisors has recently closed on the $12 million sale of a residential-zoned development site located at 29-35 Overlook Terrace, 524 Fort Washington Avenue and 730-734 West 184th Street. The site includes 145,918 buildable square feet across a 42,418-square foot lot. The seller was represented by an Ariel team including Victor Sozio, Executive Vice President, Investment Sales; Shimon Shkury, President; Michael Tortorici, Executive Vice President, Investment Sales; and James Nestor, Associate Director, Investment Sales.

The site comes with a lengthy history and has been left vacant since the 2008 crisis. In 2005, the site was planned to be a 23-story, 114-unit building, along with a rehabilitation of an adjacent Jewish Center and synagogue. However, in 2008, financial issues halted construction and excavation.

“Aside from the site’s long, complex history it is also situated on some of the toughest terrain to develop that I have ever seen in New York City,” said Sozio. “That said, it is a fantastic location and a qualified developer can have great success with it.”

The lot benefits from frontage on both Fort Washington Avenue and Overlook Terrace and offers a unique opportunity to build the first new high-rise in the highly desirable Hudson Heights area. The property provides for approximately 145,918 residential buildable square feet with bonuses and assembled air rights that can add up to a total of 275,867 buildable square feet.

Few sites can offer this scale with a centralized, accessible location. The site features on-site access to the A-train 181st Street Station and a short walking distance to the 1-train 191st Street Station, offering residents a 20-minute commute to Midtown. Additionally, the site provides easy access to the West Side Highway and the George Washington Bridge. With tree-lined streets, bustling retail along 181st and 187th Streets, an array of dining options, and the neighborhood is popular with both families and young professionals. The lot is also near Yeshiva University, New York-Presbyterian Hospital and the popular Fort Tryon Park, which overlooks the Hudson River and is home to the famed Cloisters Museum.