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New York
492 St. Nicholas Ave, New York, NY
Upper East Side out of your price point? Head further uptown—there’s an uptick in multifamily development site activity in Northern Manhattan, reports Ariel Property Advisors prez Shimon Shkury. In the past two months, the company’s put six separate development sites throughout East Harlem, Central Harlem, and Washington Heights into hard contract—and they total nearly 100k buildable SF(above is a corner site at 492 St. Nicholas Ave). Buyers are grabbing these sites in hopes of building rental or condo projects, thanks to strong drivers: rising rents, stable condo prices, and relatively low construction costs. There’s also moola available, with 80/20 financing, tax abatements, and more lenders and international investors returning to the fold. Other properties in contract: 1642 Madison Ave, 166 E 100th St, 77 E 110th St, 142 W 131st St, and 446-48 W 167th St.