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Anbau Buys Hamilton Heights Plot, Plans 2 Luxury Condo Buildings

620 West 153rd St. in the Hamilton Heights neighborhood of Manhattan as of October 2017

New York-based developer Anbau is not throwing away its shot in Hamilton Heights with a new multifamily project.

Tuesday, Anbau announced the purchase of 620 West 153rd St. for $22.5M from Verizon, which had operated two parking garages for its vehicles on the site. The site comes with 150K SF of development rights, according to Commercial Observer, which first reported the deal on Monday.

Anbau plans to develop two luxury condo buildings by-right, connected by a shared courtyard and with views of the nearby Hudson River. At the northern edge of the emerging Hamilton Heights neighborhood north of West Harlem, the buildings will also be within walking distance of the 155th Street stop of the 1 train and near the West Side Highway and Riverside Drive, with on-site parking planned.

A Cushman & Wakefield team led by Bob Knakal represented Verizon, and Goldman Sachs provided Anbau with pre-construction financing. Anbau anticipates construction to start within months. The buildings will likely contain around 150 condos, all market-rate, with prices ranging from below $1M to over $3M, according to CO. As part of the sale agreement, Anbau will accommodate Verizon's vehicles in a separate parking arrangement from that of residents.

Despite a precipitous decline in construction starts in the last couple of years, Anbau is part of a group of developers that believe now is the time to build, especially in outer neighborhoods such as Hamilton Heights.