Developers Selling To Developers?
A: Perhaps a trend? Check out this article I found in the NY Post today regarding the commercial lot for sale at 39 East 29th Street!
According to the article titled, "Condo Site Set To Sell", by Steve Cuozzo: Not only is the property a vacant lot, it's "completely entitled" for a 140,000 square-foot condo building that's already designed, said Studley Capital Transactions Group chief Woody Heller, who's fielding offers. Bids are due June 28. The owners have cleared the land and added to the planned tower's size through air rights, purchases and a bonus achieved under the city's inclusionary-housing program.
"It's rare for a site to come pre-packaged this way," Heller said. He added the asking price is $400 per buildable foot.
Market sources said they "expect" the site to sell for between $350-$400 a foot.
Very interesting as the article concluded, "...In this case, they created enormous value by assembling all the pieces and are less inclined to realize the development process than to sell."
