[NYguy]

Originally Posted by Eveningsong

Hmm I was thinking about the price and it seems a bit far-fetched, no? I mean take a look at Extell's 220. The land and air rights went for $194 million which is fair considering what you can build there (ultra rich condo) but what can you build here (111 W.) that justifies $260 million? I could understand if it was another parcel near CPS but there's not much around here that could command such a steep price.

Land Downtown is even more precious, an assemblage to build that amount of space would be worth it, depending on what gets built there.

.....about 362,000 square feet of residential or mixed use space can now be built on the site, which is at the corner of Washington and Carlisle streets.

If the property garners $260 million, it would translate into more than $700 per square foot, 17% more than a previous record for a residential development site in lower Manhattan set just eight months ago. That deal was for 101 Murray St., which developers Steven Witkoff, Howard Lorber and Fisher Brothers bought in July 2013, paying about $223 million. That site can accommodate slightly more space than 111 Washington St., 370,000 square feet, making its price per buildable square foot around $600.