House of the Day: 651 Vanderbilt Avenue

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Does anyone know what the going rate for store rentals on Vanderbilt Avenue in Prospect Heights is? That’s one key question in evaluating the three-story building (center) at 651 Vanderbilt, which is currently asking $1,300,000. The fact that the 3,000-square-foot building has been on the market for over a month already suggests it’s not a screaming buy. And in its current form that’s probably true. However, another key factor in assessing the building’s value is its FAR, which, at 4, means it’s underbuilt by 4,400 square feet. The eventual buyer of this place will likely follow the example of 554 Vanderbilt which is currently building a multi-story addition (photo on the jump). Personally, we’re very bullish on Vanderbilt as a commercial hub and like the looks of this building in terms of aesthetics. Does anyone know if there are any setback rules or other restrictions over what could be built on top of this?
651 Vanderbilt Avenue [Trulia] GMAP P*Shark

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