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68 Cooper Street 68 COOPER STREET EXCLUSIVE OFFERING MEMORANDUM INWOOD, NEW YORK 68 COOPER STREET RESIDENTIAL DEVELOPMENT SITE 68 COOPER STREET Executive Summary 3 Area map 4 68 COOPER STREET Location Overview 5 Transportation Map 8 Confidentiality & 9 Disclaimer CONTACTS Lev Kimyagarov Ariel Hakimi Joshua Abrams Senior Director Associate Director Investment Sales Associate [email protected] [email protected] [email protected] 212.602.1428 646.780.4936 646.780.4957 EASTERN CONSOLIDATED | 355 LEXINGTON AVENUE | NEW YORK, NY 10017 | WWW.EASTERNCONSOLIDATED.COM EXECUTIVE SUMMARY Eastern Consolidated, as an exclusive agent, is pleased to offer for sale the development The “A” Subway can be conveniently located one (1) block away from the site at opportunity at 68 Cooper Street. The subject property is located on the north side of Cooper Broadway and West 207th Street, which are both trendy retail & commercial corridors, Street between West 204th Street and West 207th Street in the Inwood neighborhood of while the “1” subway can be accessed four (4) blocks away at the corner of 10th Manhattan. The 50’ x 100’ site is zoned R7-2 with a total buildable square-footage of 17,200 for Avenue and West 207th Street. This makes the commute to Midtown and Lower residential use and 32,500 with the community facility bonus. The site features a great residential Manhattan a breeze. Additionally, the site enjoys proximity to attractions such as The development opportunity as Inwood is undergoing a 59 block, 227-acre rezoning process to Cloisters Art Museum, Dyckman Farmhouse Museum, Inwood Hill Park, Isham Park, stimulate the local economy. This is due to years of shortage of new housing and commercial Fort Tyron Park, and The Columbia University Baker Athletics Complex. The site is also spaces. If the zoning proposal is implemented, the zoning of this site would change from “R7-2” surrounded by many trendy restaurants such as Bocaditos Bistro, Garden Café, Beans to “R7A”, which gives developers the potential for additional buildable square-feet. The city has and Vines, and Seawalk. already started making investments in the neighborhood to improve the infrastructure. The offering presents developers with an opportunity to acquire a well-located This development site also benefits from its superior access to public transportation. development site in the heart of the Inwood neighborhood of Manhattan. Address 68 Cooper Street, New York, NY 10034 SEAMAN AVENUE Location Located on the north side of Cooper Street between West 204th Street and WEST 204TH STREET WEST 207TH STREET West 207th Street Block/Lot 2240-27 Lot Size 50’ x 100’ Lot SF 5,000 27 Current Proposed (Currently @ ULURP) Zoning R7-2 R7A COOPER STREET FAR 3.44 4.0 With CF Bonus 6.5 4.0 Total Buildable SF 17,200 20,000 With CF Bonus 32,500 20,000 Allowable Heights 65’ 80’ RE Taxes (17/18) $9,389 Asking Price $4,000,000 3­ 68 COOPER STREET EXECUTIVE Summary AREA MAP Robert K. The Allen Hospital y Kraft Field a Indian w k Road Cafe r INWOOD Columbia University a Baker Athletics P HILL PARK n ComplexStadium o s d u H y Food Universe Market Place a y w r d n a e ro H B M 1 CUNY in the Heights 68 Cooper Street Inwood Kids Daycare M A Made in Mexico Bocaditos Bistro Mamasushi e enu Papasito Av yea Genesis M mil A Ver The Cloisters Paint & Hardware M 1 Don Coqui Maracas e nue nu D ve ve y A Monsignor Kett Playground A c ost an k P e erm m u h a S en FORT n v S A 809 Sangria Bar & Grill tr h TRYON PARK e NYC Health t e 0 t 1 4­ 68 COOPER STREET M AREA MAP LOCATION OVERVIEW Inwood is bounded by the Harlem and Hudson rivers, and Dyckman Street, Hill Park, Isham Park, Harlem River Park and the Columbia University Athletics which separates it from Fort George and Washington Heights. Inwood was a Complex/Campbell Sports Center. rural section of Manhattan until the early 20th century. Once the IRT Broadway – Seventh Avenue Line, the modern 1 trains, reached Inwood in 1906, speculative SCHOOLS developers constructed numerous apartment buildings on the east side of Inwood schools include: P.S. 18 (430 students in per-kindergarten through eight Broadway. Construction continued into the 1930s, when the IND Eighth Avenue grade), P.S. 98 (600 students in pre-kindergarten to eighth), the High School for Line, the modern A trains, reached Dyckman and 207th Streets along Broadway Excellence and Innovation (200 students). and the large estates west of Broadway (Seaman, Dyckman, Isham, etc.) were sold off and developed. Many of Inwood’s impressive Art Deco apartment buildings TRANSPORTATION were constructed during this period. The A train runs under Broadway and has two stops at Dyckman and West 207th Street. The express train reaches the Port Authority in approximately 25 minutes. The population of Inwood is approximately 40,000 people and the neighborhood The No. 1 train runs above 10th Avenue and has stations at Dyckman, West is lower density, which can be partially explained by the numerous parks in the 207th and West 215th Streets. area. Additionally, low-rise buildings, generally five or six stories and limited new construction keeps the population stable. Residents can cross the Broadway Bridge to the Marble Hill stop on Metro- North Railroad’s Hudson line, which takes about 25 minutes to reach Grand NEIGHBORHOOD ATTRACTIONS Central Terminal. Harlem River Drive, the Henry Hudson Parkway and the There are several popular parks located throughout the neighborhood including George Washington Bridge are also within close proximity to Inwood and the For Tryon Park, which is home to the International Center of Medieval Art, Inwood Portfolio. 5­ 68 COOPER STREET Location Overview Inwood neighborhood is currently undergoing a rezoning process due to years of shortage on new housings and commercial and community facility spaces. In addition, the city has already been making its real investments in the neighborhood to strengthen the infrastructure including a $30M investment to transform Highbridge Park through Anchor Parks, upgrades of safety features for pedestrians on streets and intersections, and many more are on the ways. The neighborhood is embracing the opportunities for economic development and job growth. 6­ 68 COOPER STREET Location Overview Proposed Zoning Proposed Zoning The Proposed Zoning is tailored to the issues in each distinct area of Inwood: • Upland Core • Commercial U 68 COOPER STREET 68 COOPER STREET • Upland Wedge • Tip of Manhattan • Sherman Creek 17 55 7­ 68 COOPER STREET Location Overview k a r ORCHARD Wakeeld PELHAM t m BEACH Wakeeld BAY A 241 St PARK WESTCHESTER B 2 A YC EASTCHESTER THE BRONX H E S TE T R S Eastchester B Nereid Av A 33 R V 2 Dyre Av O 2•5 A D 5 Riverdale W A Woodlawn 233 St Y New York City Subway 2•5 Baychester Av CO-OP M 5 225 St 22 ST CITY O h 2 with bus and railroad connections t S r • o 2 5 H O N - L o U r t Van Cortlandt Park e 219 St BAYCHESTER M Key THE • 242 St VAN Wood lawn 2 5 Y V 1 A CORTLANDT P A I K 4 E N W W K CITY Thesubwa y operates 24 hours a Local service only P Y D PARK D RIVERDALE Gun Hill Rd R Gun Hill Rd BRONX Y Williams U A E A W O B Y ISLAND Rush hour line L S day, but not all lines operate at all P • O 5 K RK 2 5 V W All trains stop (local I Bridge A K E A S R P P P W N N O M A extension B T A times.Call our Travel Information H N E R H D L and express service) D VAN CORTLANDT Mosholu Pkwy E Norwood I LE E O T D P E G L E A Center at 511 for more information S D E A N 238 St I 4 A D R 205 St 231 ST P N C V B L U 1 A in English or Spanish (24 hours) or E Pelham Bay Park V N A H A I D L KINGSBRIDGE I A N I A N P Y Burke Av 6 ask an agent for help in all other V W B S S R IR • R E N 2 5 D Accessible 231 St D R languages (6AM to 10PM). TRANSPORTATIONE MAP Station Bedford Pk Blvd Bedford Pk Blvd N H W station 1 • Buhre Av O Name Lehman College B D ET Spuyten L • Free subway transfer 225 ST Allerton Av 6 D A B Duyvil Metro-North Marble Marble Hill 4 Pelham Pkwy ID Hill 2•5 5 M Free out-of-system 225 St Botanical Garden Bus or AIRTRAIN H N E U subway transfer O DG 1 T to airport S RI Kingsbridge Rd Middletown Rd C D B H visit www.mta.info (excluding single-ride U E Y • IN H G A Kingsbridge Rd V B D 6 D W S Police Y I D A Morris Park ticket) Pelham Pkwy O R R A N O 4 E N B R V • 5 A Full time service E B M 2 5 H O R E R Fordham Rd Bus to airport T Part time service E S E J INWOOD • Fordham W E Westchester Sq Terminal 215 St S B D Fordham Rd H H P HILL PARK R I V K D BRONX Bronx Park T A C East Tremont Av W To show service more clearly, geography 1 M R 4 U FORDHAM E T T A N S Y DH O West ZOO P AmtrakO E R East L M 6 on this map has been modied.
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