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Sq Doubled since last listing without reno!!!

Started by 300_mercer
over 9 years ago
Posts: 10583
Member since: Feb 2007
Discussion about 224 West 22nd Street
The sq ft inflation seems to have gone much beyond puffery. Now they are using max developable sq footage rather than actual square footage!!
Response by nyc_sport
over 9 years ago
Posts: 809
Member since: Jan 2009

So those architectural plans are worth the $4MM more than the current flippers paid for it? They also describe an excavated basement, but other articles suggest that too is fantasy.

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Response by 300_mercer
over 9 years ago
Posts: 10583
Member since: Feb 2007

No harm in trying as approved plans increase the actual square footage without spending $500-$700 per sq ft for the increase in the square footage (not talking reno which may be a bit cheaper).

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Response by CCL3
over 9 years ago
Posts: 430
Member since: Jul 2014

Does the cost of construction come with the purchase? Or does the buyer have to shell out on top of just buying the land with a plan???

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Response by CCL3
over 9 years ago
Posts: 430
Member since: Jul 2014

Wait, someone bought it last December at 8.8m. Now they're just trying to get 9m.

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Response by 300_mercer
over 9 years ago
Posts: 10583
Member since: Feb 2007

Buyer has to shell out.

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Response by 30yrs_RE_20_in_REO
over 9 years ago
Posts: 9882
Member since: Mar 2009

CCL3,
It's hard to tell but I'm not sure that last transaction was an actual arms length sale and not between related parties.

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