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What raw space at $2800 per sq ft?

Started by 300_mercer
over 6 years ago
Posts: 10570
Member since: Feb 2007
Discussion about 165 Charles Street #2
So one would spend $500 per sq ft for construction, pay $150 per square ft interest, taxes and CC and would want at least $150 per sq ft discount for their trouble (factoring in a rich man’s time)??
Response by 30yrs_RE_20_in_REO
over 6 years ago
Posts: 9878
Member since: Mar 2009

This unit has been on the market so many times as part of so many different combinations. Has it ever been sold to a bona fide 3rd party purchaser? I can't tell.

And even after you're done with the renovation, you're on the second floor over the West Side Highway? The "Glass Box" home is one thing for a beach house or a private estate, but I don't think I want to live in one where 100,000 people a day drive by on their daily commute. I don't remember which off the top of my head but in one of these buildings you can see owners who have built sheetrock walls directly in front of some of the windows.
Also the amount of usable square footage that you actually get seems to be an awfully lot less than you are paying for (at least it won't cost you much to renovate that part. Lol.)

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Response by 30yrs_RE_20_in_REO
over 6 years ago
Posts: 9878
Member since: Mar 2009

Although you can't really compare it to other raw spaces that don't have 20' ceilings.

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Response by 300_mercer
over 6 years ago
Posts: 10570
Member since: Feb 2007

I can’t see it trading for more than 1800-1900 per sq ft. So asking price is really for a finished space factoring in 20 foot ceilings which I am sure are double counted sq footage in the duplexed portion of the space.

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Response by 300_mercer
over 6 years ago
Posts: 10570
Member since: Feb 2007

Actually, only front portion is double ceilings and there does not seem to mezzanine level even though one could easily add one in the front. I do see the 300-400 sq ft wasted space 30 mentions at the elevator banks and around it which I am sure is included in the square footage.

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Response by stache
over 6 years ago
Posts: 1298
Member since: Jun 2017

I remember when these buildings were new there were a lot of problems with the windows leaking.

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