development site located on the north side of West 159th Street between Broadway and Amsterdam Avenue in Washington Heights. The property is zoned R7-2 which allows for 3.44 FAR as-of-right or 6.02 FAR if the community facility bonus is utilized. Conveniently located near the burgeoning Broadway and Amsterdam retail corridors, this multifamily development is primed to take advantage of the increased rental demand in the neighborhood or the developing condominium market which is beginning to see sellout values of approximately $750 per square foot.
The property is also close to neighborhood anchors such as Columbia Presbyterian Hospital, The City College of New York, Columbia University, and Riverbank and Highbridge Parks. Public transportation is easily accessible via the 1 train stop at Broadway and 157th Street and the C train stop at Amsterdam Avenue and West 163rd Street. A parking lot NNN tenant currently exists on the site operating on a month-to-month basis generating $50,000 per year. Both Phase I and II environmental inspections has been completed for the site.