INVICTUS Property Advisors has been retained on an exclusive basis for the sale of 63 Audubon Avenue, a unique development opportunity adjacent to Columbia University Medical Center. The subject property currently consists of a vacant three (3) story building that is prime for either a residential, commercial and/or a medical facility redevelopment. Current ownership has full plans ready to be submitted to DOB for a Class A Medical Office Building which would allow a developer to take advantage of the full 15,438 BSF, utilizing community facility (“CF”) floor area ratio (“FAR”). As nearly all of the medical office space is owned by Columbia University (“CU”)—with this parcel representing one of the only opportunities for a private developer to build a medical facility in the immediate area—the highest and best use for this project would be to maximize the FAR and build more than 15,000 SF. In addition, future ownership can benefit from condominium sell-outs approaching $1,000/SF and rental rates at $50/SF for new product that is less than a minute walk from the medical village.
The Columbia University School of Nursing building, at 560 West 168th Street, is located on the same street as 63 Audubon Avenue, allowing for stunning views of the new structure designed by FXFOWLE and CO Architects. The seven-story building was completed in the Fall of 2017 with a glass glazed facade, alternating between transparent and translucent panels, a technique used to fight glare from the sun, while simultaneously creating beautiful reflecting patterns. The property is also adjacent to a number of other buildings that make up the CU Medical Center campus, including, but not limited to, The Irving Cancer Research Center, Lasker Biomedical Research Building, Morgan Stanley Children's Hospital, Russ Berrie Medical Science Pavilion, and The College of Dental Medicine. Additionally, CU's medical and graduate education building, now known as the Roy and Diana Vagelos Education Center, opened in 2016, has added a stark contrast to the skyline with a cascading facade designed by Diller Scofidio + Renfro and Gensler.
The subject property is located just a block away from the 1 subway line on West 169th Street and Broadway as well as the A & C subway lines on West 168th Street and Saint Nicholas Avenue, with access to midtown Manhattan on the express A in less than 30 minutes.