Listing of the Day: 31-57 45th Street
This has got to be one of the more bizarre homes we’ve seen in awhile. It’s a stubby Colonial house with three bedrooms, a driveway and backyard. No pictures of the interior but we’ll take a wild guess that it’s cramped inside. Most of all, we can’t believe the ask of $899,000. Sure, this is…
This has got to be one of the more bizarre homes we’ve seen in awhile. It’s a stubby Colonial house with three bedrooms, a driveway and backyard. No pictures of the interior but we’ll take a wild guess that it’s cramped inside. Most of all, we can’t believe the ask of $899,000. Sure, this is a nice area of Astoria, but for this property that price seems like a reach.
31-57 45th Street [Century 21] GMAP
30×100 lot R5 zoning, 1.25 allowable FAR.
OK, so 4000 buildable square feet. Close to the size of your average Astoria tenement layout. Let’s ballpark $225/sf for construction… so we’ll say a cool million for construction/demo/etc. Add 900k for land grab and about 50k in closing and procurement costs, we’re at $1.95 million.
We’ll say 10% loss on the floor space, so 3600 available for sale. Maybe $625 per square foot over there for condo, so $2.25 million. $300k profit? Barely 15% on the upfront. Don’t see it happening.
Don’t see it happening at these rates. Maybe a $700k lot.
Don’t forget Community Board 1 always allows zone variances so it can be built bigger. Never say never!
While the home is small it does look like its a decent lot size. Could be a reason. Still well over priced.
Sorry for the typo-that should have been buy it.
Don’t be so naive. The asking price is not for the house but the land. Some one will be it, knock it down and put up a multiple dwelling.