The Affluent (Suckers) Meet the Effluent
In case you were a little fuzzy on the math behind the $38 million asking price for developer Moshe Feller’s little slice of heaven on the Newton Creek in Northern Greenpoint, Corcoran listing broker Nick Arnold lays it out for you: 19,000 s.f. of occupied existing space + 14,000 s.f. of unoccupied existing space +…
In case you were a little fuzzy on the math behind the $38 million asking price for developer Moshe Feller’s little slice of heaven on the Newton Creek in Northern Greenpoint, Corcoran listing broker Nick Arnold lays it out for you: 19,000 s.f. of occupied existing space + 14,000 s.f. of unoccupied existing space + 112,000 s.f. of buildable space = 145,000 total square feet. Just multiple that by $262 a foot to get $38 million. (Why $262? Stop asking so many annoying questions…) At this price Mr. Feller is practically giving the property away because, as he notes in yesterday’s times, once developed, the property should sell for $700-750 a foot. So what the heck are you waiting for? As Arnold notes in the listing, this is like West Tribeca in the early Nineties!
Commercial Street [Corcoran] GMAP
The Affluent Meet the Effluent [NY Times]
Elan is a dimwit!!! He has no idea what he’s talking about. He thinks that if he asks like a cocky s.o.b. people will believe what he has to say… Not!
I agree about the Elan Padeh remark.. Right on point. I’m really curious as to why developers in Williamsburg or for that matter anywhere use that firm. I have heard good things about David Behin, but in general I think the developers group is a bunch of floozey’s!!
Did not hear that, but it sounds like a reasonable rule of thumb, depending on the nabe obviously
Elan Padeh is a moron!!
Wait a minute, Brownstoner. Did you listen to Elan Padeh of the Developers Group on The Real Deal podcast? Once you pay over $250/sq.ft. for land in Brooklyn, he says, it becomes near impossible to guarantee a profit. I would think especially at “only” $750/sq.ft.
yeah, the Newtown Creek is charming, but it’s also *astonishingly* toxic.
If you look at the EPA’s site, there’s a lot of info about it. Also, there’s an organization (I think it’s called “riverkeepers” or something like that) that leads boat tours down the Newtown & the Gowanus to show you the really toxic parts that aren’t visible from any land that’s readily accessible– and I’ve never been, but some friends of mine went & said the Newtown trip is amazing. Apparently, there are parts of the creek where the sludge is so thick you can hardly get through it, and it literally bubbles & oozes.
Looks like that area is really going to go downhill. 😉
that really sucks. i love it up there. another area thats gonna be ruined.
May not be such a rip-off–that creek could be quite a rustic setting, dont you think?