Development Watch: 150 4th Ave Getting Tall Quickly
Workers at the development on 4th Avenue between Douglass and Butler have really been jamming lately. They’ve added a story to the building every week and a half or so, and it’s now more than halfway to its final height, 12 stories. A reminder of what the finished product is supposed to look like right…
Workers at the development on 4th Avenue between Douglass and Butler have really been jamming lately. They’ve added a story to the building every week and a half or so, and it’s now more than halfway to its final height, 12 stories. A reminder of what the finished product is supposed to look like right here.
Development Watch: 150 4th Avenue Rising [Brownstoner]
Development Watch: 150 4th Avenue [Brownstoner] GMAP DOB
Yes BHO – its supply and demand – a wonderful thing
Rising skylines are inversely proportional to prices.
***Bid half off peak comps***
Awwww, I liked the old tenements that were there before, I’m glad there is 1 left to remind us all of what was once when.
Of course, it looks like exactly what happened, the new owner couldn’t get to buy the two end tenement’s, so he is building in between them.
3rd – and labor cost.
Yes and no – 1st of all, tons of $ is already into the site (they bought it, and took down the buildings) – so to hold it as land would be pretty expensive.
2nd – from my observation 4th ave has been selling and renting pretty well
3rd they started this thing well after the bubble popped so the construction and material costs are probably down significantly so that could add the margin that the falling market is taking away.
Finally, no matter what it wont be ready for another 18mo or so and then it might be a totally different market (either way)
Dont get me wrong, financing these days is tough, but as a business proposition it might not be as “speculative” as you imply. (of course banks are never good at calculating business propositions)
It’s amazing that anyone can still get financing for this type of speculative development. Either the developer has really deep pockets or they’ve tapped into foreign money.