$82-Per-Buildable-SF for Washington Heights Development Site

A developer paid $1.49 million for the vacant lot at 465 W. 163rd St. in the Washington Heights neighborhood of Manhattan. The site is zoned R7-2, which would permit the as-of-right development of a building with 9,675 square feet — or with a community facility bonus of a building with 18,253 square feet of space.

That works out to a price of about $82-per-buildable-square-foot. The site is set on a residential block, close to stations for the C and 1 subway lines.

Victor Sozio, Michael A. Tortorici and Matthew L. Gillis of Ariel Property Advisors represented the owner in the transaction.

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