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453 W 162nd St - Development Opportunity
0.05 Acres of Residential Land Offered at $1,399,000 in New York, NY 10032
Investment Highlights
- Development Opportunity located in Washington Heights.
- Proposed plans for a twelve-unit elevator multifamily building consisting of eleven two-bedroom units and one one-bedroom apartment.
- 9,224 square feet as of right buildable square feet.
- Property is located in the opportunity zone.
Executive Summary
Prime Location: This development property represents a compelling investment opportunity in Washington Heights, celebrated for its historic charm and cultural vibrancy. It is an appealing choice for astute investors, being just a 2-minute walk to the Morris-Jumel Mansion, a historical museum, and only 0.5 miles from Columbia University.
Appreciation Potential: Introducing an exceptional development opportunity strategically positioned in the dynamic heart of Washington Heights, Manhattan. This prime site boasts immediate access to essential amenities, including a supermarket just 400 feet away and the Washington Heights library. Located adjacent to the Morris-Jumel Community Garden, protected under the 2002 Settlement negotiated by the Bloomberg administration, this prime location ensures the lot enjoys abundant natural light and ventilation.
Excellent Connectivity: the property is located just half a block from the C subway line at West 163rd Street and Saint Nicholas Avenue, and 155 St (A, C) subway station. this property offers unparalleled transportation convenience.
Proximity to Amenities: Experience unparalleled convenience at this strategically positioned multifamily property, offering discerning investors effortless access to local amenities and shops. Nearby gems include the Washington Heights Library for a quiet retreat, City Drug & Surgical just a 2-minute walk away from the property, Super Foodtown of Washington Heights, C Town Supermarkets, Planet Fitness, TD Bank, McDonald’s, and Dunkin'. Collectively, these amenities enhance the overall living experience, fostering a holistic and connected community.
Property Facts
| Price | $1,399,000 | Property Type | Land |
| Sale Type | Investment | Property Subtype | Residential |
| Sale Conditions | Redevelopment Project | Total Lot Size | 0.05 AC |
| No. Lots | 1 | Opportunity Zone |
Yes
|
| Price | $1,399,000 |
| Sale Type | Investment |
| Sale Conditions | Redevelopment Project |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Residential |
| Total Lot Size | 0.05 AC |
| Opportunity Zone |
Yes |
1 Lot Available
Lot
| Price | $1,399,000 | Lot Size | 0.05 AC |
| Price Per AC | $26,427,141 |
| Price | $1,399,000 |
| Price Per AC | $26,427,141 |
| Lot Size | 0.05 AC |
The subject property is an exceptional vacant lot poised for development, ideally suited for residential purposes. With a generous 9,224 square feet of buildable space.
Description
The subject property is an exceptional vacant lot poised for redevelopment, ideally suited for residential purposes. With a generous 9,224 square feet of buildable space. The current ownership has advanced plans in the final stages of DOB approval for a twelve-unit elevator multifamily building. This development features eleven two-bedroom units and one one-bedroom apartment.
PROPERTY TAXES
| Parcel Number | 2110-0054 | Improvements Assessment | $30,861 |
| Land Assessment | $109,350 | Total Assessment | $129,276 |
PROPERTY TAXES
zoning
| Zoning Code | R7-2 |
| R7-2 |
-
Sadya Liberow -
Jonathan Aronov -
Asset CRG Advisors LLC
Presented by
453 W 162nd St - Development Opportunity
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