Price of land per sq foot in NW Crown Heights ? Developer wants to buy pt. of our backyard

It's the opportunity cost you have to figure, moron! Will he be getting just enough of your property to preclude you ever being able to sell the remainder, or, will he be getting enough to put an out-of-context pig-butchery, or the NW CH equivalent, under your nose. Once done, you can't complain. Think about it.

Posted by: guest at June 22, 2008 2:36 PM

I'm not even sure that you can sub-divide your lot to sell such a small portion

Posted by: guest at June 22, 2008 4:42 PM

OP: Actually its a bit more complicated. The sq footage in question was "taken" via adverse possession some 15 years ago - a previous owner put a fence up which encroached on the property of our neighbors. Now, our NEW neighbor is a developer who will develop condos next door, and wants that property back. We are looking to settle and I would like to get an idea of what an appropriate price might be.

Posted by: guest at June 23, 2008 5:15 PM

2:36 PM .... why do you call him a moron ? just for asking a question are u the smartest person on this board..probably NOT

Posted by: guest at June 23, 2008 9:42 PM

Not every square foot of Crown Heights vacant land is created equal. A 20x100 lot might go for one price, but your piece of land could be worth quite a bit more than that (on a per-square-foot-basis) depending on what it enables the developer to do. For the developer, a relatively small piece of land could equate, under the building code, to a couple more floors.

It's worth figuring out what crown heights vacant land goes for, but you should also figure out how meaningful this particular piece of land would be to the developer under the code. (Another way to look at it is valuing how much the land is worth to you: How could you build out your property with that extra piece of land?)

Posted by: guest at June 24, 2008 9:10 AM

Depending on a number of factors such as location and zoning, I would say that land in NW Crown Heights would sell for somewhere between $75-$100/buildable square foot. So if the FAR is 2.2 and you have 40 ft then you are talking about 88 buildable square feet or +/-$8,000. However, if the developer wants more than just the air rights and wants to use the land itself for a garden, patio, etc. then there may be additional value on top of the buildable rights.

Since this is such a small amount of space I think that the actual price should be what you think it is worth. I personally wouldn't give up 40 ft of my yard for a small amount of money, even if it isn't worth much from an appraisal point of view my enjoyment would make it worth much more.

Posted by: guest at June 24, 2008 11:52 AM

the developer is probably attempting to comply with zoning for whatever he intends to do. I'd find out as much as possible and I'd probably not sell off any portion of your property. (Is that even a legal option for landowners in nyc? If it were there would probably be a ton of really weird lot sizes to deal with, so I doubt it's allowed.)

Posted by: guest at June 24, 2008 11:59 AM