Lot for Sale: Don't Mind the POS Next Door
When the monstrosity at 220 Greene Avenue (at left) was getting built, we would periodically feel sorry for the poor bloke who owned the lot next to him, whose value was being destroyed with every new block of Jerusalem stone. Now that the lot’s on the market and we’ve taken a look at the property’s…
When the monstrosity at 220 Greene Avenue (at left) was getting built, we would periodically feel sorry for the poor bloke who owned the lot next to him, whose value was being destroyed with every new block of Jerusalem stone. Now that the lot’s on the market and we’ve taken a look at the property’s history, we feel a little less sorry for the guy. He got the lot from the city, according to Property Shark, for nothing back in 2001. Corcoran’s 2006 Brooklyn Rookie of the Year broker Philip Henn has the listing, which just hit the web at $650,000. If you want a real eye-opener, check out the photo of the property from, we guess, the 1970s. Grand Avenue looks like a wasteland. Update: We just heard that the owner of this lot is the one who sold the next door two years ago.
218 Greene Avenue [Corcoran] GMAP P*Shark
anon 5:09– you forgot about the lateral deflation and the upper limit to the marginal supply curve for buyer protection.
the land is optimized by market inflation in the proper percentage curve zone and quarterly yeilds of 20% per square foot of usage bi annually
therefor development profit margins are acceptably lucrative if there is a proper exploitation factor implemented in the construction strategy
me and the wifey went to target the other day and purchased some snazzy new ice cube trays and well i have to say that….the price is right architecturally speaking these buildings are like the perfect ice cube tray….you can make as many cubes as you want and drink whatever iced drink you want
and i also hear that roadrunner dsl is offered at that location …hot!!
Dear Clinton Hillbilly,
About Eddie, I’ll believe it when I see it. He says that, but he loves what he is doing. He just needs a vacation…..in my humble opinion. At least I hope so; I don’t want him to close.
when we bought our house 3 years ago, lots in CH were going for 180K. I am shocked by 650 for this tiny crappy corner lot next to that hall of shame.
PS Eddie says he’s been getting a lot of offers soon one may be too good to refuse…
If you buy the lot at ask ($267 psf) and build a 2,500 sf building for $300 sf your in for about $1.4 million. Add in about another $100K for carry during construction and your in for $1.5 million. I don’t know the nieghborhood, so I can’t say whether a completed building would be worth that. If you were in Park Slope, BH Carroll Gardens, Cobble Hill, Boerum Hill etc., I’d say yes.
Speaking of the POS at 220 Greene, anybody know its status? Meaning has that very special buyer shown up to inflict this property upon himself?
$267 a buildable sq ft!!! that’s crazy. the only way this maes sense is for an end user who wants to design their own house. the costs associated with putting up a new building are hardly worth it if all you can build is about 2500 sq ft, unless you got the land for free, and $650k ain’t free.
residential brokers like corcoran never know how to price land, halstead has a vacant lot on the lower east side for $450 a buildable and that’s just crazy. at least 25% over the going rate.
Best case scenario, the new owner builds something decent looking and just high enough to hide as much as possible of the carbuncle next door.