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68 COOPER STREETInwood | Residential Development Site
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PROPERTY HIGHLIGHTS:
• ±20,000 ZFA
• 1 Block away from the A Train
• Great potential for views
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EXECUTIVE SUMMARY
INTRODUCTIONGoldenwood Property Advisors (GPA) as an exclusive agent, is pleased to offer for sale the development opportunity at 68 Cooper Street. The subject property is located on the north side of Cooper Street between West 204th Street and West 207th Street in the Inwood neighborhood of Manhattan. The 50’ x 100’ site has been rezoned to R7A with a total buildable square-footage of 20,000 for residential use. The site features a great residential development opportunity as Inwood just underwent a 59 block, 227-acre rezoning process to stimulate the local economy. This is due to years of shortage of new housing and commercial spaces. The city has already started making investments in the neighborhood to improve the infrastructure.
This development site also benefits from its superior access to public transportation. The “A” Subway can be conveniently located one (1) block away from the site at Broadway and West 207th Street, which are both trendy retail & commercial corridors. This makes the commute to Midtown and Lower Manhattan a breeze. Additionally, the site enjoys proximity to attractions such as The Cloisters Art Museum, Dyckman Farmhouse Museum, Inwood Hill Park, Isham Park, Fort Tyron Park, and The Columbia University Baker Athletics Complex. The site is also surrounded by many trendy restaurants such as Bocaditos Bistro, Garden Café, Beans and Vines, and Seawalk. New residential developments in the area are achieving rents of upwards of $50/sf and over $1,000/sf for condo sales. The offering presents developers with an opportunity to acquire a well-located development site in the heart of the Inwood neighborhood of Manhattan.
For more information on this site, to view proposed plans, or obtain the lot survey, please contact exclusive agent Lev Kimyagarov.
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PROPERTY OVERVIEW
PROPERTY INFORMATIONAddress: 68 Cooper Street, New York, NY 10034
Location: Located on the north side of Cooper Street between West 204th Street and West 207th Street
Neighborhood: Inwood
Lot Dimensions: 50’ x 100’
Lot Size: 5,000
Block/Lot: 2240/27
ZONING INFORMATIONZoning: R7A
FAR: 4.00
Zoning Floor Area: ± 20,000
Allowable Height: 85’ (with QGF)
RE Taxes: $11,474
***QGF: Qualifying Ground Floor must be 13 ft high
AVAILABLE AT: $3,975,000
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AREA MAP
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PROPOSED TYPICAL FLOOR PLAN
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NEW DEVELOPMENT RENTS/SALES
Unit Type: Average Unit Size: Price/SF:Studio 450 $50 1 Bedroom 650 $462 Bedroom 850 $43WEIGHTED AVERAGE: $45.62
The Stack in Inwood. A recent development in the area.
The Highbridge Condominuim in Washington Heights
Unit Beds Baths Interior SF Price Status2B 0 1 577 $577,000 Contract Signed2C 0 1 736 $736,000 Contract Signed2D 1 1 635 $631,000 Contract Signed3C 0 1 480 $480,725 Contract Signed4A 1 1 635 $668,850 Contract Signed4D 1 1 440 $475,000 Contract Signed6C 1 1 565 $625,000 Contract Signed6D 1 1 445 $515,000 Contract Signed7B 1 1 450 $520,000 Contract Signed8D 1 1 619 $711,850 Contract SignedTOTAL UNITS: 10 AVG $/SF: $1,070
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REZONING INTRODUCTION
Since the early 2000s, Inwood residents and community stakeholders have requested that the City of New York (the “City”) conduct a comprehensive study of the Inwood neighborhood, including evaluating land use and zoning. The City has been in long-standing conversations with the community, starting with a study of the Sherman Creek area in 2004 (led by the Department of City Planning [NYCDCP]) and continuing with the Sherman Creek Waterfront Esplanade Master Plan in 2011 (led by the New York City Economic Development Corporation [NYCEDC]).
From these previous studies, it is clear that the existing zoning and land use patterns in the neighborhood are not consistent with community-identified goals for affordable housing, waterfront access, and workforce opportunities, among others. The launch of Mayor Bill de Blasio’s Housing Plan in 2014—Housing New York: A Five-Borough, Ten-Year Plan (“Housing New York”), which now seeks to build and preserve 300,000 units of affordable housing throughout the City— and the subsequent City Council adoption of a Citywide zoning text amendment to authorize a Mandatory Inclusionary Housing (MIH) program, presented a unique opportunity to conduct a number of comprehensive neighborhood studies throughout the five boroughs, Inwood included. NYCEDC, in close coordination with community stakeholders and City agencies, conducted the Inwood NYC Planning Initiative, a comprehensive planning and community outreach effort to take a broad look at the needs of this northern Manhattan community, comprising approximately 560 acres of Manhattan Community District (CD) 12. As a result of the Inwood Planning Initiative NYCEDC and its community and agency partners have developed the Inwood NYC Action Plan, a set of strategies for Inwood, focusing on key community priorities: preserving and creating new affordable housing, creating a comprehensive zoning framework, expanding economic opportunities, and improving neighborhood livability. Specifically, the intent of these strategies is to preserve the existing character of the residential areas west of Tenth Avenue; extend the well-established mixed-use Inwood neighborhood eastward of Tenth Avenue to the Harlem River; accommodate the need for new housing, including affordable housing through MIH, as well as new retail, office, and community facility uses; create and reinforce a pedestrian-friendly streetscape; and provide public access to the Harlem River through
new waterfront open space.
Components of this comprehensive planning effort are still under way. To begin to advance the Inwood NYC Action Plan strategies, the New York City Economic Development Corporation (NYCEDC), together with the Department of Housing Preservation and Development (NYCHPD), the Department of Citywide Administrative Services (NYCDCAS), the New York City Department of Parks and Recreation (NYC Parks), and the New York City Department of Small Business Services (NYCSBS), is proposing a series of land use actions to implement a comprehensive rezoning plan.
The proposed land use actions include zoning map amendments, zoning text amendments, City Map changes, site acquisition and/or site disposition by the City of New York (“the City”), and an Urban Development Action Area (UDAA) designation and Urban Development Action Area Project (UDAAP) approval (collectively, “Proposed Actions”). The overall project area comprises a proposed rezoning area, a proposed Mandatory Inclusionary Housing Area (MIHA), a proposed Special Inwood District (SID), a Waterfront Access Plan (WAP), areas affected by City Map changes, a proposed site disposition and site acquisition area, and a proposed UDAA and UDAAP.
NYCHPD is the co-applicant only for the UDAA and UDAAP. NYCDCAS is the co-applicant only for the disposition and acquisition actions that are unrelated to the NYCHPD actions. NYC Parks is the co-applicant only for the acquisition actions related to future public open space along portions of the waterfront (Blocks 2183 and 2184). NYCSBS is the co-applicant only for the disposition and acquisition actions related to the City-owned waterfront site located in the Tip of Manhattan (Block 2197). The proposed zoning map changes would affect 59 blocks (approximately 230 acres) of the Inwood neighborhood of Manhattan CD 12. As shown in Figure 1-2, the proposed rezoning area, while irregularly-shaped, is generally bounded by the Harlem River to the east, the Sherman Creek Inlet, Riverside Drive, Thayer and Dyckman streets to the south, Indian Road, Payson Avenue, Broadway and Staff Street to the west, and Broadway Bridge to the north.
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The City Council modified the rezoning proposal in response to community concerns regarding small business and residential displacement within the Commercial U (Dyckman Street – Broadway – 207th Street) and removed the proposed upzoning in this area (with the exception of the Inwood Library block).Here are the land use actions that were reviewed by the Council and how the Council is modifying them:
•Proposed Zoning map amendment to allow for significantly more residential density. East of 10th Avenue and south of 208th Street in the “Sherman Creek” area, north of 207th Street along 10th Ave, and north of 218th Street in the “Tip of Manhattan” area this zoning change would allow significant residential development where it is not allowed today. West of 10th Avenue this zoning change would rezone the most of the old R7-2 districts, which do not have a height limit, to R7A, which has a height limit and a requires a contextual building.
•Council zoning map modification would remove the upzoning from most of the Commercial “U” and the Dyckman corridor west of Broadway. Additionally, change the proposed C4-4D zoning to a lower density C4-5D zoning for a block between 214th and 215th Streets.
•A Mandatory Inclusionary Housing Area would be mapped in the portions of the rezoning area that would have significant increases in residential density. Such zoning would require the development of affordable housing for all new residential buildings above a certain minimum threshold.
•The Council may select different options for complying with this zoning. As an example, a new building could comply with Option 1 (setting as 25% of housing at average of 60% AMI with 10% set aside for 40% AMI).
•Council Modification: Map the Deep Affordability Option and MIH Option 1 (and remove Option 2) in the rezoning area for the deepest affordability possible under MIH. Also, the Council is removing the MIH Area from parcels that it is removing from the upzoning.
•This zoning would require non-residential (and 50% commercial along parts of Dyckman and 207th Streets) ground floors for new development as well as transparent ground floor facades along commercial corridors. Additionally, certain commercial corridors would be protected from curb cuts, and banks would be limited to 25’ of frontage along the most vibrant commercial sections of Dyckman and 207th Streets.•New hotels would need a special permit, gyms would be as-of-right, and educational and health uses would be as-of-right in the Tip of Manhattan area.
•The development of waterfront open space would be promoted. Developers could move floor area off of certain waterfront parcels if publicly accessible open space is built. The zoning also would grant additional floor area if developers combine parcels and comply with waterfront open space requirements.
•New buildings adjacent to subway stations would need to preserve a portion of the building for future subway entrances to facilitate access by the disabled and better subway access generally.
•Reduce off-street parking requirements so that new buildings would only need to provide parking for 20% of residences. Underlying rules exempting affordable housing from parking would still apply. Mixed buildings would not need to provide parking for commercial or community facility uses.
•Council Modification: In areas of the Commercial “U” that do not receive upzonings, developers would have to provide at least 20% affordable housing at no more than 60% of Area Median Income to receive the Special District (20%) parking requirement rather than the underlying (typically 50%) parking requirement. This can be fulfilled if developers use the deepest affordability option provided under 421a (Option A), which requires 10% at 40% AMI, 10% at 60% AMI, and 5% at 130% AMI. Buildings would need to adhere to the contextual Quality Housing bulk rules to receive the residential parking reduction. Also in this area, only new mixed buildings that use the Quality Housing bulk rules can receive the parking waiver for commercial or community facility uses.
•A Waterfront Access Plan would be established to supplement standard waterfront zoning to require the construction of publicly-accessible walkways and open space along the Harlem River waterfront.
•Allow the redevelopment of the Inwood Public Library and certain Department of Education land as a new building with 175 units of affordable housing, a pre-Kindergarten facility, a social services delivery center, and a new public library.
•Facilitate the development of open space along the Harlem River, as some land could be disposed of to private developers provided it is developed as open space, and some land would be acquired by the City to be developed as open space.
•Allow the City to engage in a land exchange to develop a mixed-use building with hundreds of units of affordable housing at the corner of 9th Avenue and 219th Street.
REZONING MAIN POINTS
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REZONING MAP
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REZONING PROCESS THE STEPS REMAINING
The contextual Quality Housing regulations, which are mandatory in R7A
districts, typically produce high lot coverage, seven- to nine- -story apartment
buildings, blending with existing buildings in many established neighborhoods.
R7A districts are mapped along Prospect Park South and Ocean Parkway in
Brooklyn, Jackson Heights in Queens, and in Harlem and along the avenues in
the East Village in Manhattan.
The floor area ratio (FAR) in R7A districts is 4.0. Above a base height of 40
to 65 feet, or 75 feet if providing a qualifying ground floor, the building must
set back to a depth of 10 feet on a wide street and 15 feet on a narrow street
before rising to a maximum height of 80 feet, or 85 feet if providing a qualifying
ground floor. In order to preserve the traditional streetscape, the street wall of a
new building can be no closer to the street line, than any adjacent street wall,
but need not be farther than 10 feet. Buildings must have interior amenities for
the residents pursuant to the Quality Housing Program. Off-street parking is not
allowed in front of a building.
Off-street parking is generally required for 50 percent of a building’s dwelling
units, but requirements are lower for income-restricted housing units (IRHU)
and are further modified in certain areas, such as within the Transit Zone and
the Manhattan Core, or for lots 10,000 square feet or less. Off-street parking
requirements can be waived if 15 or fewer parking spaces are required.
Higher maximum FAR and heights are available for buildings participating in the
Inclusionary Housing Program or that provide certain senior facilities.
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LOCATION OVERVIEW
Inwood is bounded by the Harlem and Hudson rivers, and Dyckman Street, which separates it from Fort George and Washington Heights. Inwood was a 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 developers constructed numerous apartment buildings on the east side of Broadway. Construction con-tinued into the 1930s, when the IND Eighth Avenue Line, the modern A trains, reached Dyckman and 207th Streets along Broadway and the large estates west of Broadway (Seaman, Dyckman, Isham, etc.) were sold off and developed. Many of Inwood’s impressive Art Deco apart-ment buildings were constructed during this period.The population of Inwood is approximately 40,000 people and the neighborhood is lower density, which can be partially explained by the numerous parks in the area. Additionally, low-rise buildings, generally five or six stories and limited new construction keeps the population stable.
There are several popular parks located throughout the neighborhood includ-ing For Tryon Park, which is home to the International Center of Medieval Art, Inwood Hill Park, Isham Park, Harlem River Park and the Columbia University Athletics Complex/Campbell Sports Center.
Inwood schools include: P.S. 18 (430 students in per-kindergarten through eight grade), P.S. 98 (600 students in pre-kindergarten to eighth), the High School for Excellence and Innovation (200 students).
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 No. 1 train runs above 10th Avenue and has stations at Dyck-man, West 207th and West 215th Streets.
Residents can cross the Broadway Bridge to the Marble Hill stop on Met-ro-North Railroad’s Hudson line, which takes about 25 minutes to reach Grand Central Terminal. Harlem River Drive, the Henry Hudson Parkway and the George Washington Bridge are also within close proximity to Inwood and the Property.
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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 invest-ment 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.
Maddd Equities is planning on building a mixed-use project that will stretch nearly 300 feet high. 600,000 SF is planned, 65,000 SF of commercial space and 500,000 SF of residential space. This project marks one of the first forays by developers into rezoned Inwood.
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AREA PICTURES
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AREA PICTURES
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TRANSPORTATION MAP BUS
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TRANSPORTATION MAP SUBWAY
OFFICE: 212.875.1800
GOLDENWOODNYC.COM
135 EAST 57TH STREET
NEW YORK, NY 10022
CONTACTSLev Kimyagarov
Founding Partner
646.992.4585
