Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Massey Knakal Retained Exclusively To Sell A Parking Garage / Retail Development Site In Washington Heights

03/17/2014

Massey Knakal Realty Services has been retained on an exclusive basis to sell a parking garage / retail development site next to the Port Authority Bus Hub in Washington Heights at 4162 Broadway and 655 West 176th Street in Manhattan’s Washington Heights neighborhood. The asking price is $16,000,000.

4162 Broadway consists of a four-story, irregularly-shaped parking garage containing approximately 27,366 square feet, with three separate commercial units. Part of the ground floor and floors two, three, and four contain a 163-space parking garage.  655 West 176th Street is an approximately 25’ x 100’ rectangular lot located directly behind and adjacent to 4126 Broadway.  Currently the lot is utilized as additional space for the parking garage and there is a curb cut in place. 

The properties are both zoned C8-3 and have an FAR of 2.0.  According to as-of-right zoning, 4162 Broadway is overbuilt.  However, if the community facility bonus is utilized (6.5 FAR), an extra 16,932 square feet can be added.  655 West 176th Street commands approximately 4,956 square feet of air rights and 16,107 if the community facility bonus is utilized.  When combined and the community facility bonus is utilized, both lots have approximately 33,039 square feet of air rights.

The site is located in the heart of Washington Heights, along one of the neighborhood’s most bustling retail corridors, just north of the Columbia Presbyterian Hospital and a few blocks from the George Washington Bridge Bus Terminal.  Many of Northern Manhattan’s beautiful parks are in close proximity to the property.  Major New York City thoroughfares including I-95, Harlem River Drive, and Henry Hudson Parkway are easily accessible, as well as public transportation via the A express train at Fort Washington Avenue and West 177th Street and numerous bus routes servicing the area.

“This high traffic area is rapidly transforming into northern manhattans hottest retail destination.   The flexibility to do multi-level retail with a parking component located just steps away from the Port Authority Bus Terminal adds to this asset’s attractiveness,” said Massey Knakal’s Robert M. Shapiro, who is exclusively marketing this property.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.

03/17/2014 - 11:42

Source

Cushman & Wakefield Capital Markets Group New York

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