Edge Property Group buys Washington Heights site for $21M

Sand Realty Group sold block-through assemblage on West 165th and 166th streets

New York /
Sep.September 26, 2018 05:00 PM

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.


Related Articles

arrow_forward_ios
Michael Gronager, chief executive officer, Chainalysis, in front of 114 Fifth Avenue (Chainalysis, LoopNet/Illustration by Steven Dilakian for The Real Deal)
Crypto data firm doubles space at Flatiron office
Crypto data firm doubles space at Flatiron office
A photo illustration of Austin, TX (iStock)
New York-based brokerage ramps up multifamily push in Texas, nationally
New York-based brokerage ramps up multifamily push in Texas, nationally
From left: Kristen Gilibrand, U.S. senator for New York; Ritchie John Torres, U.S. representative for New York's 15th congressional district (Getty Images)
Lawmakers push for heat sensor mandate in wake of Bronx fire
Lawmakers push for heat sensor mandate in wake of Bronx fire
(iStock)
Manhattan’s retail market ticks up toward rebound
Manhattan’s retail market ticks up toward rebound
Thompson Austin at 506 San Jacinto Boulevard, Austin, Texas (Hyatt)
Don’t call it a comeback: Austin hotels rebound but building never slowed
Don’t call it a comeback: Austin hotels rebound but building never slowed
Michael Medzigian, chairman and managing partner, Watermark Capital Partners (Watermark Capital Partners, iStock, Illustration by Kevin Cifuentes for The Real Deal)
Watermark Capital looks to sell indebted Holiday Inn in Chelsea
Watermark Capital looks to sell indebted Holiday Inn in Chelsea
From left: Kathy Hochul, governor of New York; Robert Mujica, director of the budget for New York State (Getty Images, iStock/Illustration by Steven Dilakian for The Real Deal)
$2B in Hochul budget could fund rent relief
$2B in Hochul budget could fund rent relief
1250 Mockingbird Lane, Dallas, TX (TXRE Properties)
Boston investor snags office building near Love Field in Dallas
Boston investor snags office building near Love Field in Dallas
arrow_forward_ios

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

Loading...