A 50K Sq-Ft Lot In Inwood Can Be Yours For 49 Years For $2.2M

INWOOD, NY — It is the type of opportunity that doesn't come along very often. A 50,000 square-foot lot in Inwood can be yours for 49 years for $2.2 million.

The space is located at 530 West 215th Street, which is on the street's southwest corner at Park Terrace East.

The offer on the 530 215th Street property is made even more noteworthy by the fact that the purchase would make the buyer the new developer of the Hurst House mansion. This famed century-old Inwood residence was built in 1912 and served as the home to William Hurst, the President of the New York Stock Telegraph Company, in the early 20th century.

However, as the investment listing states, the lot property has an R7-A zoning classification, meaning that a new developer wouldn't be able to build anything more than eight stories at the location.

The mansion is expected to be torn down and replaced by a new apartment building or development by whoever takes over the 49-year lease as the Inwood property has remained mostly vacant and deteriorating for decades.

You can find out more about the history of the Hurst House here.

The property entered into a "leasehold" in 2019, which is now being offered to buyers by its current owners.

A leasehold on a property is somewhat similar to subletting an apartment, where an original owner remains, but a new group comes into space for a given amount of time.

The leasehold designation is the reason for the modest $2.2 million price tag on such a large property.

Unlike most subletting situations, though, the new buyer would be able to make more significant changes to the property during the lease's timeline.

Here are more details about the 50,072 square-foot lot.