Sales Beat

Sale of Inwood Property for $11.3 M. Highlights Value of City Parks

A view from Inwood's Fort Tryon Park

A mixed-use, rent regulated building across the street from the Fort Tryon Park at 4740 Broadway has been sold for $11.3 million in the Inwood neighborhood, The Commercial Observer has learned.

The six-story building boasts great upside, given its low rents and proximity to the notable neighborhood amenity, situated along the Hudson River.  The property contains six commercial units and 68 residential units — 62 rent stabilized units, five rent controlled units, and one super’s unit.

This property has tremendous potential due to its extremely low residential rents and fantastic retail corner location,” said Massey Knakal’s Robert Shapiro, who exclusively handled the transaction. Read More