Bed Stuy Garage: Do the Numbers Work?

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We’re not involved enough in the development biz to make a call on this one but at first glance it certainly looks interesting: A 50-by-91 garage which takes up an entire lot on Clifton Place between Bedford and Franklin. The zoning is C2-3/R6 and the price is $1.2 million. Notice, too, that there are two corner lots nearby that one can only assume will also be developed at some point. So, are there any developers out there who can run the numbers on this?
220 Clifton Place [Prudential Douglas Elliman] GMAP P*Shark

By Brownstoner |