View Single Post
  #7  
Old Posted Apr 29, 2013, 8:47 PM
NYguy's Avatar
NYguy NYguy is offline
New Yorker for life
 
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,747
http://www.crainsnewyork.com/article...TATE/304289968

Get it before it's gone! Procure a lot to build on

By Daniel Geiger
April 28, 2013


Quote:
....Underpinning the logic of such princely sums is the performance of several residential projects under construction in the area. An 820-foot condo tower now rising at 56 Leonard St. has a penthouse on the market for $24 million. Nearby at 150 Charles St., the cheapest units on offer are priced at $4 million.

"It's not unusual anymore to see an apartment trade for a price in the $2,000s or even $3,000s per square foot," said James Nelson, a broker at Massey Knakal who is handling the sale of the Getty station. "With values like that, developers feel comfortable underwriting these deals where land is $700 or more per square foot, even though that's higher than they've ever paid."

These days, developers' hunger for workable land is such that many appear willing to pay record sums even for parcels in locations where no one has ever dreamed of putting up a top-dollar condo. A site downtown at 101 Murray St. that can accommodate 400,000 square feet of residential development is being marketed by Cushman & Wakefield with an asking price of $200 million. That tops $500 per buildable square foot, an unheard-of figure in that neighborhood.
__________________
NEW YORK is Back!

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.