110 Amity Price Revealed, Buyers Circling
When we broke the news earlier this week that 110 Amity Street and four adjacent lots had been put back on the market by the developer, the price of the Lamm Institute building itseld had not been posted. Now it is: $4,500,000 gets you the 14,000-square-foot French Renaissance mansion. The five properties are asking a…
When we broke the news earlier this week that 110 Amity Street and four adjacent lots had been put back on the market by the developer, the price of the Lamm Institute building itseld had not been posted. Now it is: $4,500,000 gets you the 14,000-square-foot French Renaissance mansion. The five properties are asking a combined $9,535,000; the developer paid a total of $6,125,000 in ’07. Judging from this photo from yesterday afternoon, though, the listing is already generating some interest. No surprise: This would make a pretty killer single-family home!
110 Amity Back Up for Sale [Brownstoner] GMAP
110 Amity: LPC Says Yes to Lamm, No to Townhouses [Brownstoner]
110 Amity Proposal Takes a Drubbing at LPC Hearing [Brownstoner]
Cobble Hill Association: 110 Amity Plan ‘Unacceptable’ [Brownstoner]
Opposition to 110 Amity Plans Grows [Brownstoner]
CB6 Tries to Avoid Amity Street Horror [Brownstoner]
I spoke with an architect who said that his firm drew up plans to convert the building into 6 condos with a seventh in the “penthouse.” The current owner paid for this and the demo–i wonder if there was asbestos and lead paint and if those are still issues. WOnder how much the current owner put into it so far….
It’s not 14,243 sf. It’s about 9000 sf. Check the floorplan.
Does anyone have any feel for what the appropriate price is for new, finished, condo or 1-2 family space in this location, approx 18 to 24 months from now?
I am guessing approx $750 psf. Anyone think that is high, low or approx right?
Oh perhaps I forgot to add they tore it out of the walls and floors….the walls are unsavable and there are large holes in the floors. And no there is no existing molding, wood trim. In fact most of the walls have paint and plaster literally falling off the walls. Did I mention the LARGE holes in the floors !
Oh perhaps I forgot to add they tore it out of the walls and floors….the walls are unsavable and there are large holes in the floors. And no there is no existing molding, wood trim. In fact most of the walls have paint and plaster literally falling off the walls. Did I mention the LARGE holes in the floors !
IZ – this is not Brooklyn Heights. This is the fringe of Cobble Hill and abuts a hospital complex. Henry Street is heavily trafficked, especially in the evening.
“Going for”? Recently closed sales are the only relevant comparable and even then they should be adjusted down. Are you aware of a closed transaction that has land priced at over $300 per buildable sf? Only the best lots in Manhattan were able to achieve such prices when we were at the top. We are now on our way down with a very long way to go.
As you can see by the current owners ploy, developement profit is all in the land – the difference between what was paid upon entry into a project and what was achieved upon sale to the end-users represents the developers profit. Logically it follows that if land is trading for more than it did in the past then the price the end-user will be willing to pay must be higher than it was in the past. Who is going to make the case that finished product will be worth more two years from now than it was say last year? I would like to hear it.
Here’s that Ft Greene listing, gut job for 350 a sq ft.
http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1493577&ohDat=
ITM, we are talking about brooklyn heights, right? I mean, you have gutt jobs in Ft Greene going for 350 a square foot. In BH, 315 a sq ft seems like steal. Especially for THAT building.
I’m still confused by this “gut” idea. How does old plumbing and electricity add value to a property?
Patio, the fact that it’s THAT Gutted only saves the next buyer on demolition. No one who’s gonna restore that building would be keeping any of the old plumbing, electrical — and especially the old boiler. I’d say this is exactly what the building needs to be for someone to begin restoration.
On the other hand, are any of the original details (wood trim, moldings, stairs) still in existence? That’s the part that’s worth keeping, if only for replication purposes if they want to be historically accurate when they replace the damaged/demo’d trim.
BROWNSTONER: 14,000 is a bit much for a New York family. I get it if you’re living in Virginia horse country and you’ve got servants and you’re basically sitting around all day playing chess and getting drunk, but anyone living in New York doesn’t want to waste time having to cross an entire mansion because they left their cell phone in the powder room. Yes, there are those crass ones on the upper east side but they’re mostly consulates now, no?
I suppose you could turn one floor into an olympic pool or tennis courts or something.