Development Opp: Midstream on Lafayette
Categories: Development
The owner has already started work on this 20-by-100-foot lot on the Western edge of Bed Stuy but apparently has gotten cold feet. Corcoran says you can build 10,000 square feet but Property Shark says only 6,860 as of right. We suspect the difference is a variance for a community facility on the ground floor. Still, $4 million seems pretty rich for this site, which is not on the prettiest stretch of Lafayette in our opinion.
Bed Stuy Build [Corcoran] GMAP P*Shark
1 Comments
By Anonymous on September 5, 2006 1:18 PM
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$4M for the development site as is is an insane price, even with 10,000. That works out to $400 per buildable foot, the going rate for land in that area is much closer to $150/buildable foot or even less.
However, from reading the listing it looks like the builder will deliver a finished, 10,000 square foot building to your spec for $4M. So this is $400/ft for the finished product which is much more reasonable.