Cushman & Wakefield announced today that the firm has arranged the sale of 415 West 120th Street, a 7,569-square-foot, 75’ wide development opportunity in Manhattan’s Morningside Heights neighborhood. The final closing price was $20.3 million.
A Cushman & Wakefield brokerage team consisting of Senior Managing Director Hall Oster, Chairman Robert Knakal, Executive Managing Director Robert Shapiro, Executive Managing Director Jonathan Hageman and Associate Director Teddy Galligan represented the seller in the transaction.
The development site offers a total of 45,565 buildable square feet for a residential property, which can be expanded to 49,198 buildable square feet with the addition of a community facility.
“The property represents a prime opportunity to buildground-up new construction in an area that seldom sees new development,”said Hall Osterof Cushman & Wakefield. “The neighborhood’s proximity to some of the most prestigious institutions in the city including Columbia University, Teachers College and Barnard College provides an ideal location for student housing focused development.”
Located between Amsterdam Avenue and Morningside Drive, the property benefits from its close proximity to popular outdoor spaces including Morningside Park, Riverside Park and Central Park. The neighborhood is experiencing significant growth driven by the development of the Manhattanville Factory District, a world-class, one million square foot mixed-use project, and Columbia’s $7 billion state-of-the-art Manhattanville campus. The property also offers easy access to the 1, A, C, B and D subway lines.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
