Rumor: 51 Jay in Contract for Over $30 Million

DumboNYC reported last week that 51 Jay Street, the two-story warehouse that runs from Water to Plymouth Streets in Dumbo, had gone into contract but wondered aloud about the selling price. We sent out a few feelers and the best answer we got was “Over $30 million.” The building is currently built to about 80,000 square feet but is zoned to allow up to about 150,000. That would put the price at somewhere north of $200 per buildable square foot. Here’s the catch though: The building falls within the historic district and we hear that LPC wants to keep the building size to not much more than 100,000 square feet. That would put the price per buildable square feet above $300. Pricey! But given that neighboring developments like 205 Water Street are going for around $1,000 a foot, it still might pencil out for a developer. Time will tell. UPDATE: Crain’s is saying the price is less than $30 million. GMAP