Sale of Inwood Property for $11.3 M. Highlights Value of City Parks
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.
The building receives substantial commuter foot traffic, he added, and residents benefit from the nearly 70-year-old park’s outdoor amenities, such as playgrounds, tennis courts, hiking trails, and a waterfront promenade along the river. The park is also home of the Cloisters Museum.
Recent upgrades by the long-term owners, who owned the property for three decades, outfitted the property with new security cameras, a newly poured courtyard, a renovated façade, roof and parapet walls.
Parks, along with schools, restaurants and public transportation, are considered economic drivers that boost residential property values.
Vicinity to parks was considered a major factor in creating higher levels of “walkability” in the study “Walking the Walk: How Walkability Raises Housing Values in U.S. Cities,” which has positive impacts on property values, according to the study.
“Parks provide intrinsic environmental, aesthetic, and recreation benefits to our cities,” according to the American Planning Association, an institute for urban planners which was not involved in the “walkability” study. “They are also a source of positive economic benefits. They enhance property values, increase municipal revenue, bring in homebuyers and workers, and attract retirees.”
The revitalization of city parks has been considered a centerpiece of Mayor Michael Bloomberg’s municipal policy, shining examples being the High Line Park and the Brooklyn Bridge Park, though some have taken issue with their location among affluent districts, claiming that more should be done to bring parks to the less affluent.
However, parks across the boroughs, like the Barretto Point Park in Hunts Point, South Bronx, have been considered boons for some neighborhoods.