815 Riverside Drive

PRICE REDUCTION!!! MOTIVATED SELLER!!! Found on 158th Street and Riverside drive is 815 Riverside Drive, a corner lot six-unit townhouse with an ATTACHED CAR GARAGE. This commercial property will be delivered with three vacant units, which are two 400 square foot studio units and a 1,300 square foot duplex unit, which can be converted into three units. The other three units are, three one-bedroom units, which are currently occupied. The existing structure, class 3 construction, (with existing layout) can be extended a maximum of 75ft and max 6 stories. An elevator will need to be added in this case, which would take at least about 50SF away from each floor plate. The renderings and alternative development floor plans are an example of this. If you would plan to demolish the entire property to build a new construction, the R8 Zoning allows for about 10k SF total and up to 120 feet high. However, in order to maximize these allowances, the existing building will have to be demolished. A new building - which will be considered a high-rise - will require two sets of stairs and an elevator. This property is a true commodity surrounded by the Columbia University Medical School, the Presbyterian Hospital, new construction, recent residential conversions, City College, Columbia University (Main Campus), and the Yeshiva College. All of these corporations bring employees and students, which create an outrageously high rental demand. Making this property and the land under the property a brilliant investment, within all categories of location, net income, and wealth creation. The convenience to commute anywhere within the five boroughs this area brings such as the A, 1, and C trains is a crucial necessity for current and future renters in Manhattan. This Riverside Drive is one of the only two Riverside Drive avenues in Washington Heights. This is what makes this plot of land so unique. What makes this property even more appealing is that out of the two Riverside Drives in Washington Heights, you can only build on this one. With a total square footage of 4,384, and a maximum usable square footage of 7,856, this unique investment sets unlimited possibilities for a wide-range of investors or someone who would like to live in the property and use it as rental income at the same time. All information is from sources deemed reliable but is subject to errors, omissions, changes in price, prior sale or withdrawal without notice. No representation is made as to the accuracy of any description.