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June 19, 2009
What could $20 million buy? Well, not even two small Alphabet City sites
Atlantic Yards Report
Norman Oder continues his effort to provide the MTA with "comps" for the pricing of the Vanderbilt Yard. Who wants to bet they're not paying attention?
From the Spring 2009 Massey Knakal Sales Journal, covering the second half of 2008:
644 East 14th Street
sold : $12.3 milion
Neighborhood: Alphabet City
Type: Conversion Site
Lot Size: 115’ x 88’
Buildable Square Feet: 68,262The segment of the Vanderbilt Yard at issue is 495' x 200', or 99,000 square feet, nearly 10 times larger than the Alphabet City site, which is 10,120 square feet. If you multiply the Alphabet City price by 10, it comes out to more than $120 million.
Posted by eric at June 19, 2009 9:00 AM