Broadway Corner Property Duo Sold at a Premium

The property's availability drew significant interest and multiple rounds of bidding. “Buyers rarely have a chance to acquire properties on Broadway. When a corner hits the market, there comes an inevitable flood of interest,” says Oster. “After multiple rounds of bidding, we were able to identify a local, buy-and-hold operator who will continue to run the buildings as rentals, realizing the long-term value of the excess air rights,” adds Olsen. The parcels feature more than 50 feet of frontage on Broadway and combine for a 5,369-square-foot lot. At the time of sale, the properties consisted of two adjacent buildings totaling approximately 18,166 square feet. The buildings are located in a C4-6A (R10 Residential Equivalent) commercial zoning district, yielding approximately 53,690 buildable square feet as-of-right and are eligible for an additional 10,738 square feet of Inclusionary bonus rights, C&W reports.

The property's availability drew significant interest and multiple rounds of bidding. “Buyers rarely have a chance to acquire properties on Broadway. When a corner hits the market, there comes an inevitable flood of interest,” says Oster. “After multiple rounds of bidding, we were able to identify a local, buy-and-hold operator who will continue to run the buildings as rentals, realizing the long-term value of the excess air rights,” adds Olsen. The parcels feature more than 50 feet of frontage on Broadway and combine for a 5,369-square-foot lot. At the time of sale, the properties consisted of two adjacent buildings totaling approximately 18,166 square feet. The buildings are located in a C4-6A (R10 Residential Equivalent) commercial zoning district, yielding approximately 53,690 buildable square feet as-of-right and are eligible for an additional 10,738 square feet of Inclusionary bonus rights, C&W reports.