Triple-Net Site Trades in Washington Heights December 14, 2020

GFI Realty Services closed the $5.85-million sale of 1314 St. Nicholas Ave., a vacant 6,753-square-foot triple-net lease property with 15,866 square feet of air rights in Northern Manhattan’s Washington Heights neighborhood Senior managing director Matthew Sparks represented the buyer and the seller, both local investors.

Centrally located in a densely occupied commercial corridor on the corner of West 176th Street, the property benefits from high foot traffic and pedestrian flow from public transportation.

“It is rare to find a single-story corner retail asset on a busy corridor in this dense market,” said Sparks. “The asset garnered a lot of attention from investors.”

GFI notes that Washington Heights continues to attract interest from investors due to its strong fundamentals as well as recent rezoning of this sub-market. This area is home to numerous amenities and institutions including The Cloisters, Yeshiva University and the medical campus of Columbus University.

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