$10,500,000
Updated 7 years ago
Off Market
565 West 181st Street
Washington Heights, Manhattan | Saint Nicholas Ave & Audubon Ave
17,526 Square FeetIncome Property
$10,500,000
floors / apts5 / 19
Lot Size50'x100'
Built Size50' wide
ZoneC4-4
Building TypeLow-Rise
RE Taxes$84,148
Price Per SF
$599
Building Amenities
- Elevator
Property Description for 565 West 181st Street
Ariel Property Advisors is pleased to present 561-569 West 181st Street, a 5 story mixed-use walk-up building located on the north side of West 181st Street between Audubon and Saint Nicholas Avenues.
Spanning a total of 17,526 gross square feet, the building contains 19 residential units and 2 retail units. The residential component is comprised of 16 three-bedroom, 2 four-bedroom and 1 two-bedroom apartments. The retail component is comprised of two ground-floor retail units that have a combined 50’ of frontage. In-place retail leases require tenants to pay their pro-rata share of utilities and a percentage increase in real estate taxes over a base year. Additionally, residential operating rents are below market providing investors the opportunity to take advantage of a strengthening rental market in Washington Heights.
Situated along the bustling West 181st Street thoroughfare, the building is located within walking distance to several institutions and attractions. Yeshiva University is only a 5-minute walk away while New York Presbyterian/Columbia University’s Medical Center is 1 stop away on the 1 subway train. A notable community development in the area includes Columbia University’s New 100,000 square foot Medical and Graduate Education Facility, which was completed in late 2016. Residential and commercial developments underway include HAP Investments’ 655 West 187th Street – a 47-unit, 74,343 square foot rental project designed by world-renowned architect Karim Rashid, and 2420 Amsterdam Avenue – a new development project by Youngwoo & Associates, which will include hotel and office space. Key transportation options include the 1 subway train which is located on the same block as the subject properties as well as the A subway train which is just 4 blocks west on 181st Street and Fort Washington Avenue.
Located in a centralized, accessible location with full community and recreational amenities, the 561-569 West 181st Street stands out as a unique and prime mixed-use investment opportunity in the rapidly growing neighborhood of Washington Heights
Listing History for 565 West 181st Street
Now
03/15/2019
POM by Victor Sozio
Ariel Property Advisors
2019
Building Details for 565 West 181st Street
OwnershipIncome Property
Building TypeLow-Rise
AgePre-War
AccessElevator
Year Built1920
Floors/Apts5/19
Transit and Citi Bike
Subway
181 St
0.05 miles
181 St
0.33 miles
175 St
0.38 miles
191 St
0.47 miles
Citi Bike
Audubon Ave & W 179 St
0.12 miles
Amsterdam Ave & W 183 St
0.14 miles
Contact Agents
Contact Agents
Victor Sozio
Ariel Property Advisors
Shimon Shkury
Ariel Property Advisors
Michael Tortorici
Ariel Property Advisors
Washington Heights | Manhattan
Quick Profile
Washington Heights, a hilly neighborhood on Manhattan’s northern tip known for its affordable apartments, preserved pre-war buildings, and Dominican food. Some would argue that it's a hidden gem and one of Manhattan's last neighborhoods that has retained its culture. The large swath of land is bordered by Inwood to the north along Dyckman Street, by Harlem to the South along 155th Street, by the Harlem River to the east, and the Hudson River to the West. It is the highest natural point on the Island of Manhattan.
Despite its high residential density, Washington Heights and Inwood have not seen modern housing construction in more than a decade other than relatively small housing units. Midtown Manhattan, Battery Park, TriBeCa, Chelsea, and Hell’s Kitchen, on the other hand, have seen an increase in building. Most of the high rise construction belongs to hospitals such as New York Presbyterian, Columbia University Medical Center, and educational institutions like Yeshiva University and Boricua College.
Washington Heights has access to amazing green spaces like The Cloisters, Fort Washington Park, Highbridge Park and Fort Tryon Park. There is no shortage of historical landmarks either. Remember General George Washington set up his camp in Washington Heights during the Revolutionary War. He used the elevated neighborhood to his tactical advantage to spot the Redcoats. As history would have it, his plan didn’t work out so well and the British occupied New York for seven years.
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
OLR ID: 73665TH
Find home. Discover happiness.