Ariel Property Advisors has been retained on an exclusive basis to list the sale of 521 West 134th Street. The property, a rare Manhattan Opportunity Zone development site, sits on the north side of West 134th Street and between Amsterdam Avenue and Broadway. Valued at $3,800,000 (approximately $199 per rentable square foot), the property offers enormous value with a total of 19,184 buildable square feet, a lot size of approximately 4,796 square feet (48 feet by 99.92 feet) with R7-A residential zoning.
Located across the street from Columbia University’s Manhattanville Campus and near the City College of New York, the property is ideally located near prestigious higher education campuses, as well as a number of New York City’s premier innovation centers, such as the New York Structural Biology Center, the Manhattanville Factory District and Harlem Biospace. The property also offers an array of subway options—the 1, A, B, C and D trains—and walkability to Harlem’s vibrant culture and nightlife, including the 125th Street corridor.
Opportunity Zones are a development tool that provides significant tax incentives to companies that invest in growth communities as designated by the government.
“It is rare to find Opportunity Zone properties available in Manhattan, and it is even rarer to find them this close to higher education, TAMI and tourism clusters,” said James Nestor, Associate Director, Investment Sales for Ariel Property Advisors. “This property offers a range of residential development options, given the potential tenant diversity, the range of nearby industries and the accessibility of Midtown and Downtown via the subway.”
About Ariel Property Advisors
Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry. arielpa.nyc
