Inwood Vacant Lot Hits Market For $15M: Here's What To Know

INWOOD, NY— Ever dream about owning a vacant lot in Inwood? Well, here's your chance — you just need $15 million.

A nearly 12,000 square-foot lot at 4778 Broadway, between Dyckman and Academy streets, recently hit the market for $14,950,000.

The sale is somewhat peculiar as the lot was bought by MADDD Equities in 2018 for just over $12 million, and a substantial amount of construction has already taken place at the site to prepare for what was expected to be a 12-story building at the address.

"Current ownership has completed a significant amount of pre-construction work including drawing up proposed plans for a 12 story, 99k gross square foot mixed-use development project," reads a listing for the lot.

Previously, MADD Equities had also filed an application to construct an eight-story building at the address, but it never came to fruition.

The lot measures 75 by 157 feet and is located within an Opportunity Zone. It is the former home of a car wash.

An Opportunity Zone is a low-income census tract with an individual poverty rate of at least 20 percent and a median family income no greater than 80 percent of the area median.

The classification means that developers that work within the area can receive extra funds and also pay fewer taxes than what they would on equivalent buildings in other areas.

Ariel Property Advisors is heading the sale of the building and promotes the lot's proximity to the Dyckman Farmhouse Museum, Fort Tryon Park, the Hudson Restaurant, and Inwood Hill Park.