Million Dollar Price Cut at FG Development Site
Anyone else notice that the price for 167 South Portland, the big development property in Fort Greene which no longer includes the big yellow mansion at 154 South Oxford, was recently dropped from $9 million to $8 million. The site includes a total of 47,000 buildable square feet, including 43 feet of frontage on South…
Anyone else notice that the price for 167 South Portland, the big development property in Fort Greene which no longer includes the big yellow mansion at 154 South Oxford, was recently dropped from $9 million to $8 million. The site includes a total of 47,000 buildable square feet, including 43 feet of frontage on South Oxford and 71 feet of frontage on South Portland. Now well under $200 a buildable foot, we’d think there’d be some interest. Anyone know why this isn’t moving?
167 South Portland Avenue [Douglas Elliman] GMAP
Everything But the Mansion [Brownstoner]
Designs for FG Tower To Preserve Mansion [Brownstoner]
So. Oxford Mansion Goes for $13 Mil [Brownstoner]
154 South Oxford Profile [Property Shark]
Would YOU buy it if it costs upwards of $400 per sf to build?
There’s your answer.
I think what happened with the big yellow mansion might be an indicator (and I was all for leaving that building alone). Maybe developers think they would have a really hard time building anything on the site because so many people would be against it. It would certainly be a shame to lose those great stables in the photo above. Don’t you think?
I think why isn’t moving was explained in press (was it NYTimes?)and discussed on Brownstoner recently. The number of new projects/units either under construction or planned in NYC far exceeds normal absorbtion – and we are headed to potential glut. Therefore banks/lenders are getting much tighter on lending for such endeavors.