New York, NY – March 19, 2018
ONE Commercial Realty Services is pleased to announce that we recently sold the conversion/redevelopment elevator parking garage located at 1850 Amsterdam Avenue in West Harlem’s Upper Manhattan for $4,530,000. The purchaser plans on re-positioning the asset into a mixed-use project, utilizing the available air rights. We marketed the asset with a highly tailored approach designed to receive offers from several of the most active buyers of this asset class in this neighborhood of New York City. “The campaign proved successful with multiple top of the market offers in less than a month—one of which exceeded the asking price, a testament to our years of experience and real time very localized market knowledge,” said ONE Commercial’s Josh Lipton.
The building comprises 9,600 SF above grade with a usable 4,600 SF below grade cellar. In addition, the property has approximately 10,400 SF of available air rights and is located in a flexible mixed-use R7A / C2-4 zoning.
“With Manhattan rental rates south of 96th Street between $60-$80/SF, vacancy rates less than 3% and condo prices often achieving in excess of $2,000/SF, Upper Manhattan (and Harlem in particular) has become a safe haven for apartment dwellers seeking an affordable option,” added ONE Commercial’s Andrew Levine. The A, B, C & D subway lines are located just a five minute walk away at West 147th Street & Saint Nicholas Avenue taking passengers to Midtown Manhattan in 20 minutes. The 1 train is also nearby on West 145th Street and Broadway with convenient access to Columbia University and the Manhattanville Campus Expansion Project.
About ONE Commercial
Powered by a highly skilled team, ONE Commercial is one of New York’s preeminent full-service commercial real estate firms, priding itself in providing best in class services to our clients on a consistent basis and is one of the preferred brokerage throughout New York City. With localized knowledge of each of New York City’s geographic areas, our professional brokers provide very specific market knowledge and industry expertise to investors and owners alike. As a result, we achieve superior results for our clients.