Development Watch: 348 Sackett Street
PFMA has an update on this site, where two houses were demolished to make way for a four-story, eight-unit building, designed by Navy Yard-based architect Erik Sun. It’s been sitting empty for a long while (the original new building permit was filed back in 2005). “The foundation was completed before the site was put back…
PFMA has an update on this site, where two houses were demolished to make way for a four-story, eight-unit building, designed by Navy Yard-based architect Erik Sun. It’s been sitting empty for a long while (the original new building permit was filed back in 2005). “The foundation was completed before the site was put back on the market for $3,300,000 by Corcoran. The sale price includes the plans for the 10,000 square building,” they write. “I just checked the web site and was surprised to see that the lot is actually in contract. Lets see if construction will resume now. But more importantly, what will the new building look like…” GMAP P*Shark DOB
I live right across the street from this site. The old house is likely a carriage house – the house next door to me has one too that is still in use. I’m happy to hear that it may be moving towards completion again.
If you look at the upper right corner you can see a really cool old decrepit building in the backyard of the house next door. For now, I enjoy the fact that it is exposed to to view. I wonder what it was?
At $3.3million that is $330 per buildble sq ft. $330 per FAR (incl a foundation) is way above market. Original purchase price of $1.2million or $120 per FAR is closer to market (asuming market price for land could be determined with a significant degree of certainty today). Looks like current owner has taken down a $2.5million mortgage, which would equate to a $250 per FAR number. That would be a very healthy get in this market. I am curious to see who will lend on such a project and what the debt to equity ratio will be.