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

Massey Knakal Sells 100 Foot Wide Development Site Located In Sugar Hill

12/11/2013

A development site at 542 West 153rd Street, located between Broadway and Amsterdam Avenue in Manhattan’s exclusive Sugar Hill neighborhood, was sold in an all-cash transaction valued at $3,600,000.

The site contains approximately 29,976 buildable square feet on a 100' x 99.92' lot.  It was recently rezoned to R6A which allows for 3.0 FAR as-of-right.  The sale price equates to approximately $120 per buildable square foot.

Conveniently located near the burgeoning Broadway and Amsterdam retail corridors, this multifamily development is primed to take advantage of the increased rental demand and developing condominium market in the neighborhood.  It is close to neighborhood anchors such as The City College of New York, Columbia University, and Riverbank and St. Nicholas Parks.  Public transportation is easily accessible via the 1 train stops at Broadway and 145th or 157th Streets and the A, B, C, and D train stop at St. Nicholas Avenue and West 145th Street.

“Investor appetite for developable land in Northern Manhattan has really taken off.  This transaction drew so much attention we had multiple bidders at the asking price in a few weeks ultimately selling for $100,000 more than we were asking,” said Massey Knakal’s Robert M. Shapiro, who exclusively handled this transaction with Josh Lipton.  “This transaction reflects a growing trend in Northern Manhattan of increasing prices per buildable square foot for well-located development sites and increasing demand from experienced developers who are becoming more excited about the area,” added Josh Lipton. 

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.

www.masseyknakal.com

12/11/2013 - 13:33

Source

Cushman & Wakefield Capital Markets Group New York

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