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NEW YORK, NY – August 16, 2012 – Ariel Property Advisors has been retained to market a 50-unit, mixed-use building that has received state approval for a condo conversion. The asking price is $12.5 million for the property, which is located in the heart of Inwood at 4720 Broadway on the corner of Arden Street overlooking Fort Tryon Park.
The six-story, 56,852 square foot building contains 48 spacious apartments, one retail unit, and one office unit. The residential units consist of 42 rent stabilized units, one rent controlled unit, and five vacant apartments that can be converted to free market status.
“This offering is unique in that you have a tremendous amount of rental upside, in addition to a well-advanced condo conversion play,” said Victor Sozio, vice president of Ariel Property Advisors. “A no-action condominium offering plan was approved in May, and the vacant apartments are in the process of being renovated. These units can be rented at market rates or eventually marketed for sale.”
The building is located in close proximity to the Dyckman Street subway station and offers views of Fort Tryon Park and The Cloisters. The property also contains amenities for tenants, including laundry, bike rooms, and storage units in the basement. Apartments in the prewar, Art Deco building contain an impressive number of windows, sunken living rooms, intricate original details, and high ceilings.
More information is available at 212-544-9500 from exclusive agents Mr. Sozio, ext. 12, vsozio@airelpa.com; Shimon Shkury, ext. 11, sshkury@arielpa.com;; Michael A. Tortorici, ext. 13, mtortorici@arielpa.com; or Jesse Deutch, ext. 18, jdeutch@arielpa.com.
Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.
For press inquiries, please contact our Public Relations Department at 212.544.9500 ext. 19 or via mploc@arielpa.com
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein.
