Land

1440 Amsterdam

1440 Amsterdam Ave, New York, NY, 10027-8000, US

1440 Amsterdam_Property for Sale

Gallery

1440 Amsterdam 2_Property for Sale

Asset description

JLL has been exclusively retained to bring to market 1440 Amsterdam Avenue (the “Offering”, “Development”, or “Site”), a 24,990 square foot lot with four sides of unobstructed light and air in the Manhattanville submarket of New York City. The Site can accommodate up to 369,966 zonable square feet of residential, 39,984 zonable square feet of commercial and 37,235 zonable square feet of community facility space for a total of 447,185 zonable square feet as-of-right. 1440 Amsterdam is one of the last opportunities to develop a sizable Affordable New York vested site, which is expected to be superior to any future abatement programs, resulting in significant tax savings over 35-years. In addition, the site falls within an opportunity zone, allowing developers to take advantage of highly lucrative tax benefits. The Development presents the opportunity to cater to the rapidly expanding demand base of Manhattanville fueled by the $6.3 billion Manhattanville Development by Columbia University, spanning across 17-acres of land less than 500 feet away from the Site. In addition, the Site is adjacent to the main City College of New York campus, a top rated public university.

Attributes

Land area Gross
0.57 acres (24,990 sf)

Investment highlights

AFFORDABLE NEW YORK: OPTION C

• One of the last opportunities to develop on Affordable New York eligible site which is expected to be superior to any future tax abatement program

• 35 year abatement duration

• 30% of units at 130% AMI, increasing the blended rent per square foot above other abatement options


LARGE SCALE DEVELOPMENT SITE IN AN OPPORTUNITY ZONE

• Provides tax incentives for investors to re-invest their unrealized capital gains into designated opportunity zones

• The Property falls within the Opportunity Zone “Census Tract 219” allowing developers to take advantage of these highly lucrative tax benefits


LIMITED SUPPLY & CONSTRUCTION TO A HIGH GROWTH SUBMARKET

• Proximity to Columbia University, CUNY Advanced Science Research Center, and City College of New York provide a permanent inflow of new residents and a stable population of employees

• Harlem lacks new developments with new units under construction representing less than 1% of the existing inventory

• Absence of a city-wide tax abatement will create another barrier for building rental product


PROXIMATE TO 17 ACRE MANHATTANVILLE DEVELOPMENT BY COLUMBIA UNIVERSITY

• $6.3 billion campus spans 17 acres and 6.8 million square feet

• New home for the Columbia Business School

• University’s largest expansion in over a century which will continue to drive economic development and growth in the neighborhood

• Includes publicly accessible green space, retail, restaurants, rock-climbing gym and cultural hubs

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Last updated
Nov 9, 2022