Those landowners who keep hanging on to their empty lots are now motivated to sell their property because of changes in tax laws but how much are they going for these days? Number 137 West 131st Street was up for sale last month for $1.2 million but the listing was removed after being up for just 10 days. This still seems a little high to us for a side street that is not really near to the some of the notable historic districts but maybe the seller was willing to negotiate with the price. More on Streeteasy:
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Construction costs are around 400/ft, maybe a little higher; most small lots support 3500 sq ft. Sales prices are around 2.2-2.4; projects take about 2 years plus approvals.
ReplyDelete3 years ago, these lots went for around 500-600; today 800-1mm. 1.2 makes the projects infeasible unless the lot is big and/or the developer is very optimistic.