The Real Deal New York

Washington Heights development site on the block for $16M

Location near GW bridge bus station primed for multi-level retail cube
By Katherine Clarke | March 10, 2014 11:38AM

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.