Ariel Property Advisors has announced the $7.3 million sale of a Washington Heights development site at 4452 Broadway, The Commercial Observer has learned.
The sale demonstrates increased investor confidence in development opportunities uptown, where the multi-family market has been hot for years but land still sells at a steep discount compared with areas below 96th street.
“The corridor along Broadway in Washington Heights has witnessed a very strong and active multifamily market in recent years, but few large development sites have traded,” said Victor Sozio of Ariel Property Advisors, who along with Shimon Shkury, Michael Tortorici and Jesse Deutch exclusively represented the seller and procured the buyer.
The new owner, an international developer who did not wish to be named, plans to raze the current structures and build a mixed-use development. Current zoning allows for roughly 97,119 buildable square feet.
The sale and the developer’s plans for the site reflect of renewed confidence and increased liquidity, as rents rise and construction loans open up within the development market, which was the real estate market hit hardest during the economic downturn, Mr. Sozio said.
“As we continue to see rental growth, developers are realizing that land is a very valuable proposition for them – especially uptown,” he said. “If you go below 96th street you can be paying up to six times more for land in some cases.”
The property is located near Yeshiva University, Columbia Presbyterian Hospital and the 1 and A subway stations
Last week Ariel Property Advisors arranged the sale of a five-story, 5,900-square-foot Upper West Side multifamily property at 313 West 77th Street for $5.2 million.