In case you were a little fuzzy on the math behind the $38 million asking price for developer Moshe Feller’s little slice of heaven on the Newton Creek in Northern Greenpoint, Corcoran listing broker Nick Arnold lays it out for you: 19,000 s.f. of occupied existing space + 14,000 s.f. of unoccupied existing space + 112,000 s.f. of buildable space = 145,000 total square feet. Just multiple that by $262 a foot to get $38 million. (Why $262? Stop asking so many annoying questions…) At this price Mr. Feller is practically giving the property away because, as he notes in yesterday’s times, once developed, the property should sell for $700-750 a foot. So what the heck are you waiting for? As Arnold notes in the listing, this is like West Tribeca in the early Nineties!
Commercial Street [Corcoran] GMAP
The Affluent Meet the Effluent [NY Times]