Ariel Property Advisors has exclusively listed 102 West 107th Street, a residential conversion opportunity with an existing parking garage on the south side of West 107th Street between Columbus Avenue and Amsterdam Avenue on the Upper West Side. The property, listed for $12 million, consists of an approximately 75-by-101-foot lot with a four-story, 29,700-square-foot building currently operating as a parking garage with below-grade space and two service elevators. The exclusive brokers for the listing are Victor Sozio, Executive Vice President; Shimon Shkury, President; Michael Tortorici, Executive Vice President; and Mark Anderson, Investment Sales Director.

The current tenant is operating the garage on a month-to-month basis and the building can also be delivered vacant, presenting a unique opportunity for owner-users and immediate conversion potential for developers. The high-density R8B zoning (4.00 FAR) provides the possibility of residential use as well as approximately 576 square feet of air rights at present.

“This is a rare opportunity for a buyer to acquire an income-generating property with development potential in a prime location near famous parks, world-renowned healthcare, prestigious higher education and historic New York City landmarks,” says Sozio.

102 West 107th Street is located along a tree-lined, residential street with immediate proximity to both Central Park and Morningside Park, as well as a range of other attractions and institutions, such as Columbia University, Mount SinaiMorningside Hospital, The Cathedral Church of Saint John the Divine, the Nicholas Roerich Museum and a multitude of local restaurants and shopping locations. Transportation options include the 1, A, B and C subways (within a five-minute walk) and the M11, M7 and M116 bus lines.

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 New York 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