LichtensteinRE has been Exclusively Retained to sell a Trophy “Central Park like” Development Site on Riverdale
Riverdale, New York. (October 30th, 2014) LichtensteinRE has been retained on an exclusive basis to sell a “Central Park like” Development site on edge of Fieldston’s most desirable Riverdale. The site is located at 5278 Post Road in Riverdale, NYC and its asking price is $11,500,000 all cash.
The site consists of 25,219 square feet, .58 of an acre of land on its two combined lots forming an “L” shape. The western side of the property sits on Post Road overlooking exclusive luxury Fieldston section of Riverdale where private homes sell for as much as $6,000,000. The largest eastern side has substantial, valuable frontage at 6301 Broadway with stunning views of bucolic Van Cortland Park directly opposite the property.
The current owner/developers of the site are working with its architect and propose a mixed used building. The as of right FAR is 3.0 times the land area. According to proposed plans, a qualified buyer will be able to build a seven story elevator building above the Post Road level containing 75,657 residential square feet with 95 to 100 Residential Apartments. The building will additionally sit on top of an interior 13,500 square foot interior parking garage subfloor that will further sit on top of an 11,460 square foot community center such as high demand medical offices at its Broadway address. Tenants and patients will be able to drive from Broadway up to the interior parking garage. Will all spaces counted as much as 111,688 square feet can be constructed.
Alternatively, a 100% community facility developer can build 126,000 square feet via 5.0 FAR.
“This may be the very last development site on Van Cortland Park and is a special property on busy Broadway, ideal for retail medical offices. Many residential units will have extraordinary views of Van Cortland Park to the East, and the exclusive Fieldston neighborhood to the North and West. The future lucky buyer/developer will have the greatest likelihood to receive tremendous profits whether the property is rented out as luxury apartment rentals or sold as condominiums,” says Andrew Lichtenstein the exclusive listing broker.
The site is also right across the street of the prestigious Riverdale Country School, attracting families to the area from other neighborhoods.
The Property is next to public transportation, the subway station serving the 1 Train going to Manhattan and the busy Shopping Kingsbridge District on Broadway. The property has convenient proximity to major highways like the Henry Hudson Highway and New York State Thruway with Manhattan as little as 7 minutes away by car.
Riverdale is Manhattan’s closest suburban residential neighborhood conveniently situated less than 4 minutes or 3 miles from northern Manhattan by car or a 22 minutes to Midtown by Metro North. Riverdale is practically “the Upper, Upper West Side of Manhattan” and is one of Manhattan’s closest and most desired bedroom communities. Fieldston is Riverdale’s most sought after, exclusive, private historical single family neighborhood with its many multimillion single family homes and mansions.
The property is being marketed exclusively by Andrew Lichtenstein from LichtensteinRE.
LichtensteinRE has been actively selling multifamily property for its clients in and around New York City.
LichtensteinRE specializes in the exclusive sales of multifamily and mixed use commercial real estate properties in New York City’s 5 boroughs. LichtensteinRE is a full service Commercial Real Estate Sales, Financing and Advisory Service Boutique based in New York City, the financial capital of the world. LichtensteinRE’s proven experience, track record, financing ability, exclusive buyers and connections with tens of thousands of property owners assures their selling clients the best possible price when a landlord owner wants to sell their property.
DoctorMortgage, which is LichtensteinRE’s financing division, has been a leader in commercial real estate mortgage debt financing since 1991. DoctorMortgage is able to negotiate and facilitate financing to deliver the best price, leverage and return on investment possible.
LichtensteinRE’s greatest ability is creativity and problem solving. After selling the owner’s property, LichtensteinRE has assisted successful sellers in locating replacement 1031 tax deferred exchanges and in some cases has more than doubled the seller’s net income post-closing. To learn more contact Andrew Lichtenstein at (800) 242-9888 or AL@LichtensteinRE.com