110 Amity Price Revealed, Buyers Circling
When we broke the news earlier this week that 110 Amity Street and four adjacent lots had been put back on the market by the developer, the price of the Lamm Institute building itseld had not been posted. Now it is: $4,500,000 gets you the 14,000-square-foot French Renaissance mansion. The five properties are asking a…
When we broke the news earlier this week that 110 Amity Street and four adjacent lots had been put back on the market by the developer, the price of the Lamm Institute building itseld had not been posted. Now it is: $4,500,000 gets you the 14,000-square-foot French Renaissance mansion. The five properties are asking a combined $9,535,000; the developer paid a total of $6,125,000 in ’07. Judging from this photo from yesterday afternoon, though, the listing is already generating some interest. No surprise: This would make a pretty killer single-family home!
110 Amity Back Up for Sale [Brownstoner] GMAP
110 Amity: LPC Says Yes to Lamm, No to Townhouses [Brownstoner]
110 Amity Proposal Takes a Drubbing at LPC Hearing [Brownstoner]
Cobble Hill Association: 110 Amity Plan ‘Unacceptable’ [Brownstoner]
Opposition to 110 Amity Plans Grows [Brownstoner]
CB6 Tries to Avoid Amity Street Horror [Brownstoner]
Current owner/developer may be testing market at his point of indifference – to develop or to sell. I would be more than surprised if they achieve a price anywhere near these asking numbers.
“Townhouse Lots”
4,231 sf at $1,400,000 equals $330 per FAR
4,013 sf at $1,250,000 equals $311 per FAR
3,925 sf at $1,210,000 equals $308 per FAR
3,850 sf at $1,175,000 equals $305 per FAR
These FAR numbers are far in excess of the highest of high land comps. Land in this location will probably end up being priced around $150 per buildable sf when all is said and done.
Exist bldg
14,243 sf at $4,500,000 equals $315 per FAR
as Patio points out above, this property in its current condition is actually worth less than the land it occupies.
We are in the early innings of a major asset repricing cycle. Early players in this game usually get burned bad. Most probable end-user price to consider for this location and property type is less than $750 psf. Buying land at $310 per FAR doesn’t work. Winner of this auction most likely an entity with no local development experience.
Other red flags:
“approved plans” – approved by what entity?
Is a variance required for Lamm property due to it’s proximity to the lot line. It does not comply with current residential requirement of 30 ft setback.
I was inside the property a few months ago. When they say it’s gutted – they really should say it’s a shell ! They ripped out ALL the pluming, electrics and even the boiler. There is nothing left in the building. It’s worth less than 1M.
We wish some philantropist can rescue LAMM institute for LICH. It seems like such a travesty for such a storied building to be sold off like this. Vraiment triste!
Hey what do folks think about the pricing? $3.4m mark up in 2 years with practically no improvements in a bad economy…highway robbery but it won’t surprise us one bit if this sells close to asking given the location and the fact that LICH may have stupidly under priced.
could you imagine all the time you’d end up spending on your shrink’s couch – dealing with Cobble Hill assoc/and LPC
if you even dared doing anything.
Bently? Brooklyn? Let’s not OD, DIBS. Foxy Brown aside.
***Bid half off peak comps***
BHO…If it were “new money” they’d probably have more of it and it would be a Bentley!!!
“Love the Cadillac in the vacant lot; a picture says a thousand words…”
No, only two: Old Money
***Bid half off peak comps***
Voyeur?
Love the Cadillac in the vacant lot; a picture says a thousand words…