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666 W 162nd St - Availability Details

666 W 162nd St, New York, NY 10032

  • For Sale $17,250,000
  • City New York
  • Neighborhood Washington Heights
  • Zip Code 10032
  • Market Manhattan
  • Property Type Multi-Family
  • Property Size 53,034 Sqft
  • Units 42
  • Lot Size 0.29 Acre
  • Year Built 1918
  • Date Updated 28 May, 2021

We are pleased to present our newest exclusive, 666 West 162nd Street. The property is currently a 52 unit elevator multifamily property in Washington Heights. All of the units are rent stabilized. The entire ground floor was previously occupied by 10 residential apartments, but has been recently vacated to give a future buyer the optionality to convert the ground floor to commercial or community facility use. The ground floor can be kept residential if a buyer was so inclined.

There are approximately 22,156 sf of unused air rights that can be utilized. Ownership has approved plans to develop an additional 22,000 SF, adding 45 residential units on top of the existing structure. The entire vertical extension has been designed as a self-standing structure.

 

The demand for medical office has led current ownership to prepare the ground and cellar of the property to be converted to a duplex Medical center. The medical center can be leased to local doctors looking for offices small to large. The proximity to Columbia Medical an NY Presbyterian makes this option attractive.

The property is located in Washington Heights on west 162nd street just off of Riverside drive. The nearest subway stations are 163rd and Amsterdam A & C trains and the 1 train on 168th street. Both Columbia University Medical Center and New York Presbyterian Hospital are just a few blocks away.  

 

 Highlights:

 

  1. Existing 42 unit (occupied) elevator apartment building in Washington heights
  2. Approved plans to develop 22K sf and 45 units on top of the existing structure
  3. Vacant ground and cellar to be converted to medical office use (or kept as residential)
  4. Ability to develop seamlessly without interruption to current tenants
  5. Tax abatement on the new vertical extension and potential ICAP for the ground and basement floors 

 

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Contacts

broker

Joseph Kassin

Kassin Sabbagh Realty

Contact Listing Broker

broker

Joseph Kassin

Kassin Sabbagh Realty

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