Heights Lot Sells for $1,500,000
It’s not often that a piece of vacant land trades hands in Brooklyn Heights, so it grabbed our attention when we noticed that the lot at 27 Cranberry Street had sold. The 25-by-100-foot lot sits on a quiet, leafy block at the northern end of The Heights. According to Property Shark, it comes with the…
It’s not often that a piece of vacant land trades hands in Brooklyn Heights, so it grabbed our attention when we noticed that the lot at 27 Cranberry Street had sold. The 25-by-100-foot lot sits on a quiet, leafy block at the northern end of The Heights. According to Property Shark, it comes with the right to build 6,145 feet of residential space. This puts the purchase price at just under $250 per buildable foot. That actually seems pretty reasonable to us given what a 6,000-square-foot townhouse in perfect condition would cost to build and what it would be worth on the open market. (13 Cranberry, for example, which is only 4,600 square feet, sold for $6,200,000 this summer.) What do you think? GMAP
It was owned by the house on the other side — the brick or stoner attached townhouse, not the wood shingle house.
no = know
Brownstoner – not so sure 6,145 sq ft of buildable space is available here. Propertyshark indicates a Max FAR of 2.43 which would give you 6,145 based on lot width x depth but I think FAR at this site is limited to 2.2. But I defer to zoning specialists on this point. Anyone out there no the FAR limit for this parcel?
If it is 2.2 then the $PSF number goes up of course to $273.
As a 1- or 2-family home $273 per buildable sq ft seems to be a reasonable starting point.
What does not make any sense to me are quasi land deals (gut rehabs or in the case 100 Clark complete do overs) that are priced at or above an approx 30% discount to the land value of 1- or 2-family homes, which are the highest and best use on land in a R6/LH-1 zoning district.
Was the lot owned by the same owner of the little federal/greek revival woodframe to the left? That house rules, and it seems like they were the ones using the lot/driveway.
Sad that this little frame house won’t have it’s ‘breathing room’ anymore, but might also be good to have a building next door to keep it propped up for another 100 years.
Interesting question for the group:
If the house adjacent to your lot line is landmarked, can you build to the line and cover it? Seems odd, since it would be visible to the street- and seems like that would mean that neighbors adjacent to a landmarked property have more power to alter a landmark facade than the actual owner…
6100 ft may be doable on this lot, but the result would be pretty ugly and dark, and may not get approved.
The only way that I can figure out how to do it is:
25×55 on 3 floors + incluing legal basement + 25×40 on 2 more with cumulative ceiling heights above ground of 5, 18, 30, 40, 50
This would be ‘out of context’ for the area. So the real price per buildable foot is much higher.
Also, I don’t think that the 6.2M price is a good comp.
IMBY, this is not the month for suggesting digging down to the gates of hell. Halfway to the gates might be safe, but you never know.
I would dig straight down to the the gates of hell… proposed subcellar mechanical and storage…
I’ve heard a little something about the proposed building. TenaciousM, what Pete said–I heard the building is the full width of the lot. I also heard there will be a stoop, so I doubt there will be a garage.
Of course, I am making interpretations based on not much information. Also, whatever is proposed still has to be approved by LPC.
having just gone through basically a new build in NYC, there is no way you can build high end for $300-400/sf. it will cost that much to get you out of the ground plus another $300-400/sf for the interior fit out. assume $700-800/sf. if you build 6145 sf @ $800/sf plus the land cost you will get $6.42m. if you sell for $1,347/sf, you still get $8.25m which is still a tidy profit (of course there will be soft costs – architect, engineer, etc – eating out of that). still worthwhile for developer or your new hedge fund neighbor!