The Real Deal New York

Edge Property Group buys Washington Heights site for $21M

Sand Realty Group sold block-through assemblage on West 165th and 166th streets
By Eddie Small | September 26, 2018 05:00PM

The property at 458-464 West 166th Street and 465-469 West 165th Street (Credit: Google Maps)

Edge Property Group purchased a development site in Washington Heights for $21 million, according to sources involved with the deal.

The seller was Sand Realty Group, and the properties are addressed at 639 Edgecombe Avenue, 458-464 West 166th Street and 465-469 West 165th Street. The block-through assemblage is located across eight lots, according to Ariel Property Advisors, which brokered the deal. The site allows for about 205,000 buildable square feet inclusive of a community facility bonus, meaning the deal pencils out to about $102 per square foot.

An Ariel team led by Victor Sozio, Shimon Shkury, Michael Tortorici, Matthew Gillis and David Khukhashvili worked on the deal.

Washington Heights has traditionally been a sleepy part of Northern Manhattan when it comes to real estate activity. Since 2015, close to 100 development site transactions took place in Harlem, while Washington Heights only saw about 12, according to Ariel data. However, Sozio maintained the neighborhood would start seeing more development activity as investors looked for emerging markets to deploy their capital.

Irving Langer’s E&M Associates is hoping to fetch up to $215 million for a nine-building portfolio it bought two years ago in Washington Heights, with most properties located along St. Nicholas Avenue between West 164th and 192nd Streets. Last summer, Olshan Properties and Millhouse Properties purchased a pair of buildings at 385 and 395 Fort Washington Avenue for $40.1 million.