Tribeca parking lot sold for $25m.Josh Goldflam & Lynda Blumberg, senior investment sales brokers at Besen & Associates, Inc, recently closed on a 7,500 square foot parking lot in East Tribeca for $25 million. The sale is another example of the substantial values land owners are receiving for their well-located Manhattan lots. "Although the development market is facing a challenging future, the lack of Manhattan land sprouts sprout v. sprout·ed, sprout·ing, sprouts v.intr. 1. To begin to grow; give off shoots or buds. 2. To emerge and develop rapidly. v.tr. aggressive buyers that keep prices high. The $25 million price tag was the equivalent of $333 per buildable build·a·ble adj. Suitable or available for building: "The problem was finding a site that was well located, appropriately zoned . . . and buildable" Sam Hall Kaplan. square foot for a typical condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. development," Goldflam explained. 48-52 Franklin Street The following roads are named Franklin Street:
n. 1. A residence in a city. 2. A row house, especially a fashionable one. Management Company. The lot is 75 feet wide by 100 feet deep. Under its C6-4A zoning, it has a floor to air ratio of 10, and 12 for affordable housing or community use that would enable a developer to use 75,000 -90,000 gross square feet for a development project. The buyer, a low key local developer, is currently keeping his options open with the site. He has even re-hired Blumberg and Goldflam to exclusively market the property for re-sale or possible joint venture, as the parking lot operator is presently operating on a month to month lease. "Our client believes the lot might fetch an even a higher resale resale n. selling again, particularly at retail. In many states a "resale license" or "resale number" is required so that the state can monitor the collection of sales tax on retail sales. RESALE. value given the lack of well located open lots in the marketplace," added Goldflam. |
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