Dying Breed: One of the Last Boom-Era Scaranos Revealed
We had become used to the development site at 267 1st Street, between 4th and 5th avenues, being up to whole lot of nothing—when we last checked in on it two years ago, it had already been in suspended animation for a spell—but now the scaffolding has come down and Park Slope can welcome one…
We had become used to the development site at 267 1st Street, between 4th and 5th avenues, being up to whole lot of nothing—when we last checked in on it two years ago, it had already been in suspended animation for a spell—but now the scaffolding has come down and Park Slope can welcome one of the last Scarano-designed developments it’s likely to see for some time to come. According to a DOB filing in March, it will be a 10-unit condo. This building is next door to another site that’s seen no action in years, but construction workers say the two developments are unrelated. GMAP P*Shark DOB
Development Watch: Still No Action at 267 First Street [Brownstoner]
Ugly, Ugly, Ugly….
just as ugly and banal as Satori
I am not saying he is getting rich, but don’t you think he’d get $500-700/sq ft? or are you one of the fierce BROWNSTONE BEARS that see no reasonable bid in this market?
what is hard cost of new construction? 200 or 300/sqft?
btw, 277 is 92 feet of frontage. nice single family. supersize me pls.
Acris
antidope – you maybe right but 277 is showing to be a single family – is that right?
But as to the profit potential6% might be a good rate and the land may be lower cost – but it has still been going on since ’04 – the carry costs must be enormous at this point – plus the cost of construction….2x there is no profit – Fishman is playing to mitigate losses at best.
fsrg, how did you find the financing data?
fsrq – w/o spending much time researching city databases…
277 combines three different tax lots.
this site combines 267-273.
they could have been one site, but the names on the permit requests are all different (no scarano at 277 for instance).
at any rate, it’ll be interesting to see what happens. clearly, cap1 will be involved in the pricing/sell/rent decisions. And perhaps they’ll make mortgages available (and sell them to the US government?).
finally it’s not at all clear to me that the developer will lose money on the trade. land costs in 2003 must have been low (4/5 years prior to peak) and prime + 3 is still about 6%.
bho- I did know that :-). Re Scarano- I think over time most of his work, and quite a few other modern architects will get lost in the fog of time. They’re good but I don’t think most modern architects compare to those of the past. Just comparing the detail and design of – eg- a Renaissance building. Are there any modern architects capable of producing work of that caliber, or even using their methods? How we build today is so different. Honestly, I don’t think they have the skills or artistry of a Montrose Morris, let alone a Brunellesci.
antidope – the crews might be different – but according to city records this is one site. Not saying that somehow they werent split – but it certainly doesnt appear to be legally different
different. one site speaks spanish. the other russian. also, we can conclude that the spanish work a lot harder than russians. or that spanish banks are not as weak as the russian banks.
…come to think of it, I’m long Scarano (Real long, like through a few cycles. Much value when the bottom gets in). Some day his buildings are gonna be like comics in the 80’s.
Am I serious?
***Bid half off peak comps***