Washington Heights development site on the block for $16M

Location near GW bridge bus station primed for multi-level retail cube

New York /
Mar.March 10, 2014 11:38 AM

A prospective development site in the Washington Heights area primed for a multi-level retail cube has hit the market for $16 million.

The site is comprised of two existing buildings at 4162 Broadway and 655 West 176th Street, next to the George Washington Bridge Bus Station. It is being marketed by Robert Shapiro of Massey Knakal Realty Services.

The existing building at 4162 Broadway is a four-story, irregularly-shaped parking garage with two ground-floor retail stores, totaling 27,366 square feet. The 176th Street building is situated directly behind and adjacent to the garage.

While the garage is currently overbuilt, according to its as-of-right zoning, an extra 16,932 square feet can be added if a new owner employes a community facility bonus. The second building has 4,956 square feet of air rights.

The property has been owned by the garage operator since 1986, records show.

“This high traffic area is rapidly transforming into Northern Manhattan’s hottest retail destination,” Shapiro said. “The flexibility to do multi-level retail with a parking component located just steps away from the bus terminal adds to this asset’s attractiveness.”

Current market retail rents in the neighborhood can stretch above $100 per square foot for ground-floor space and $35 per square foot for upper-floor space, according to Massey Knakal.

At 4188 Broadway, just down the block, investment and development firm Ashkenazy Acquisition is transforming an existing building into a three-story gym, The Real Deal previously reported.


Related Articles

arrow_forward_ios
Sylvan Terrace in Washington Heights. (Douglas Elliman Real Estate)
Two chances to live on Sylvan Terrace, one of NYC’s coolest blocks
Two chances to live on Sylvan Terrace, one of NYC’s coolest blocks
555 Edgecombe Avenue and Efrem Harkham (LoopNet, Getty, iStock)
Harkham family buys historic Washington Heights apartments
Harkham family buys historic Washington Heights apartments
Apartments in the Bronx, Washington Heights top slow week for investment sales
Apartments in the Bronx, Washington Heights top slow week for investment sales
Apartments in the Bronx, Washington Heights top slow week for investment sales
(Apartments.com, LoopNet, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Avi Dishi nabs Washington Heights folio for $92M
Avi Dishi nabs Washington Heights folio for $92M
4001 Broadway, 1121 First Avenue, and 318 West 75th Street (Google Maps)
Tough yet schmaltzy landlord scores $53M resi sale
Tough yet schmaltzy landlord scores $53M resi sale
Ivan Acedveo and Dane Roseman pleaded guilty Monday to their roles in a scheme that bilked thousands of property investors. Robert Shapiro, above, the mastermind, was sentenced in 2019.
Last defendants in $1B real estate Ponzi scheme plead guilty
Last defendants in $1B real estate Ponzi scheme plead guilty
Robert Shapiro with Tony Curtis and Sonny & Cher with Owlwood Estate (Getty, The Viewpoint Collection)
Owlwood Estate, owned by famous and notorious, sells for $88M
Owlwood Estate, owned by famous and notorious, sells for $88M
Gov. Andrew Cuomo and City Council member Mark Levine (Getty; City Council)
Parts of Manhattan, Staten Island enter lockdowns, but is it enough?
Parts of Manhattan, Staten Island enter lockdowns, but is it enough?
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...