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Washington Heights Assemblage Trades for $21M
Ariel Property Advisors facilitated the sale of the West 165th/166th Street block-through assemblage, a rare development site in Northern Manhattan’s rapidly-expanding Washington Heights neighborhood. It sold for $21 million.
The site includes eight lots with extensive frontage on 165th Street, 166th Street and Edgecombe Avenue, and a zoning lot area of 31,576 square feet. The property’s zoning allows for approximately 119,370 buildable square feet as-of-right, with the community facility bonus increasing the total to 205,244 buildable square feet.
Ariel’s Victor Sozio, Shimon Shkury, Michael A. Tortorici, Matthew L. Gillis and David Khukhashvili represented the seller, Sand Realty Group LLC, and procured the buyer, Edge Property Group led by Ari Sherizen.
“The site’s substantial footprint and proximity to neighborhood institutions, such as Columbia Presbyterian, were main drivers in establishing the site’s value,” said Sozio. The “highly competitive” sales process attests to “the area’s continued growth and perception amongst developers.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Development
- ◦Sale/Acquisition
