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