500 West 207th Street
~89,200 BSF | Covered Land Opportunity | Transit-Adjacent | Opportunity Zone
Marketing description
CBRE has been retained on an exclusive basis to arrange for the sale of the fee simple interest in 500 West 207th Street (the “Property”). The Property consists of a 10,300 square-foot lot currently improved with two contiguous low-rise buildings featuring over 180 feet of wraparound frontage along the southwest corner of 207th Street and Tenth Avenue.
The Property is situated within a combination of zoning districts including C4-4D, R7A, C2-4, and the Special Inwood District, offering substantial redevelopment potential. The site supports a blended floor area ratio (FAR) of 6.93, allowing for up to 71,352 buildable square feet (BSF). Additionally, the
Property falls within the “Zoning for Accessibility” program, which permits up to a 20% FAR bonus subject to City Planning Commission approval and the provision of an MTA accessibility easement.
The existing improvements consist of a single-story retail building fronting Tenth Avenue and a three-story, 23,814 SF mixed-use building with wraparound frontage along West 207th Street. The retail building (also known as 3860–3866 Tenth Avenue) is fully leased to three tenants, including an auto parts retailer, a restaurant operator, and a deli, with lease expirations extending through 2027 and 2028 and rents ranging from approximately $30 to $74 per square foot. The adjacent mixed-use building (500–502 West 207th Street) is similarly leased to multiple tenants, including two restaurant operators at the ground floor, achieving average rents of approximately $72 per square foot. Additional income is generated from leased space across the cellar, second, and third floors.
The acquisition of 500 West 207th Street presents a compelling opportunity to acquire a cash-flowing asset with near-term income stability and significant long-term redevelopment optionality. The Property’s scale, favorable zoning profile, and prominent location within a dynamic mixed-use corridor - adjacent to a major subway station - position it to benefit from continued neighborhood growth and strong transit-oriented demand.
Investment highlights
COVERED LAND PLAY WITH IN-PLACE CASH FLOW
The Property offers stable, in-place income from a diversified tenant base, providing investors with current yield while preserving flexibility to execute a future redevelopment strategy.
SIGNIFICANT AS-OF-RIGHT DEVELOPMENT POTENTIAL
With a blended FAR of approximately 6.93, the site supports up to 71,352 BSF, offering substantial scale for a future mixed-use development in a supply-constrained Manhattan submarket.
ADDITIONAL DENSITY VIA ZONING FOR ACCESSIBILITY PROGRAM
The Property qualifies for up to a 20% FAR bonus through the “Zoning for Accessibility” program, presenting a clear path to further maximize density, subject to approvals and the provision of an MTA easement.
PRIME CORNER LOCATION WITH EXTENSIVE FRONTAGE
Positioned on a prominent corner with over 180 feet of wraparound frontage, the Property offers superior visibility, retail positioning, and design efficiency for future development.
TRANSIT-ORIENTED LOCATION SUPPORTING LONG-TERM DEMAND
Located directly adjacent to a major subway station, the Property benefits from strong foot traffic and long-term demand drivers tied to transit accessibility and neighborhood growth.
FLEXIBLE LEASE ROLLOVER PROFILE ENHANCING OPTIONALITY
Near- to medium-term lease expirations (2027–2028) provide investors with the ability to maintain income in the short term while creating a clear runway to reposition or redevelop the asset.
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