946 St Nicholas is an 18+' wide single family townhouse residing between 157th & 158th Street on St Nicholas Avenue in the historic Washington Heights neighborhood of Manhattan. The building is one of 6 historic limestone constructed residences on the block dating from the late 1800's. Although not presently land marked, the elegance and
beauty of the home and block is extraordinarily rare.
The building consists of a garden level and 3 upper floors plus a full basement and cellar. There is a small courtyard in the rear of the building as well. The building was formerly an 8 room SRO with a Class A apartment in the basement. The present owner has initiated paperwork with the city to convert the home to a 5 unit residential apartment house, but the plans have not been approved yet. The desirability of restoring the home back to a single family residence however may ultimately be the easiest and most profitable route for an investor.
Should the purchaser opt to continue the multifamily conversion, the property is well positioned in the active Washington Heights rental market, which has seen a record breaking 37% increase in rents from 2010-2018 according to a report commissioned by Streeteasy.
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.