Water Street Conversion Op
If you’ve got a spare $7 million burning a hole in your pocket, this classic loft building in Dumbo could be all yours. The current owner already has BSA approval to convert the 20,000-square-foot building to residential or mixed use and to add another 5,000 square feet of penthouse space. So is $300 a foot…
If you’ve got a spare $7 million burning a hole in your pocket, this classic loft building in Dumbo could be all yours. The current owner already has BSA approval to convert the 20,000-square-foot building to residential or mixed use and to add another 5,000 square feet of penthouse space. So is $300 a foot market value for essentially raw space in Dumbo? We’ve got no idea, but this is exactly the kind of building we’d want to live in if we were to go back to loft living. The one drawback, in our opinion, is the lack of water views that many of the larger buildings in the area have.
192 Water Street [Massey Knakal] GMAP
Yeah, Bstoner, where was your loft? Was it a rental or a coop/condo?
this building is priced ok in my view, except that it has significant issues like the fact that the construction is wood beams as opposed to concrete and that it looks like it has windows on only one side, which really limits the ability to divide the space into rooms. Maybe it could be a cool loft building, but I get the sense that these are not the easiest things to sell in this market.
Seems a bit high considering all the work that will be needed to convert the space and if the units are turned into condo’s the developer can expect to get on average between $650 – 800/sqft. The way the market is going and with all the current construction in the area, I’d say prices would more likely be on the lower end of the scale.
crazy price!
Do you know greg o’connell bought the van brunt st mega warehouse with water views now holding fairway and a bunch of live/work rentals that dont even need to be marketed for … $2m …
in … 2003
greedy owners of large semi-derelict buildings do not deserve 90% of the improvement profit when they don’t carry any risk, don’t have any cash, and don’t have any vision either.
They remind me of internet domain name squatters:
for sale: the name BigAssSpaceInDumbo.com .. bargain! only $100,000!
So what would this cost/sq. ft. turn into for the actual apartments?
350. Bull market value? Yes. Bear market value? No.