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Over on the Miller Cicero blog yesterday, Tyler King decided to take pencil and paper to the Toll Brothers’ acquisition of 205 Water Street that we announced on Monday. Here’s how he looks at it:

The site is zoned for residential and manufacturing. Being that Toll Brothers is a luxury home builder I am assuming they are planning on a condominium development rather than building a widget factory on the site. It appears that the site straddles two zoning districts making zoning a bit complicated. However, with my very preliminary back-of-the-envelope analysis it looks like that with a 21,700± square foot footprint the site could conceivably be built to around 85,000± square feet. Being that the site was purchased for $8.6 million this equates to just north of $100/SF buildable. Kah-Blam!! There we have it kids, a baseline for 2010.

We gotta say that $100 per buildable square foot for this location looks CHEAP to us. What do you think?
2010: The Year of the Land Sale [Miller Cicero]
Toll Brothers Planning Large Dumbo Project [Brownstoner]
DUMBO Rezoning Passed (Without Much Fanfare) [Brownstoner] GMAP
Praying for the Variance Gods at 205 Water Street [Brownstoner] P*Shark


What's Your Take? Leave a Comment

  1. The trains rumbling over the bridge are kind loud, but when you are further into the park it does lessen somewhat, plus you get used to it.
    I just couldn’t imagine having my windows facing the trains, (and I love trains) that would get really annoying.

  2. Attractiveness of Dumbo/Vinegar Hill has always been a mystery to me as the noise pollution from the BQE, Williamsburg and Brooklyn Bridge car, truck and subway traffice is excessive. Almost a complete lack of public transportation as well.

    $100 per buidlable sounds a bit high considering end-user comps are now only applicable to buildings that are completed and fully sold, as opposed to projects just coming or are about to come out of the ground. Not sure how you even begin to estimate the market price for condos or rental apts in this environment.

    Only a belief that city-wide the population will increase as estimated will support such pricing at this level.

  3. in the long run it is cheap but right now it is market, not just here.. in bk 100-150 is a happening number remember no financing available to most developers and market soft so one is planning to deliver is 3 to 5 years so has to hold