Williamsburg – An unamed Brooklyn developer has purchased a potential development site in the heart of the Chasidic section of Williamburg. The site, which once housed Gabila’s Knish Factory, founded in 1921, was sold by Massey Knakal Realty Services from the Co. Old Fulton Landing LLC.
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The property, which totals more than 27,000 square feet, and was sold for $102.22 per buildable square foot, is made up of different sites on two different blocks. The addresses are 110-120 and 111-113 S. 8th St., and 424-426 Bedford Ave.
This is a big pity the property could have been bought by a hymisha developer and be developed for condos for the hymisha community
The calculations are as follows:
Price per buildable square foot was $102.22 according to “vos iz neias” plus approximately $135.00-$145.00 per square foot construction cost which totals to about $250.00 per square foot costs to build.
The property can be developed to 59,000.00 square feet (2.2 times the lot that is allowed by the R-6 zoning lows which can be extended to 2.43 or even 3 times the lot depends in the circumstances) which comes out to about $3,000,000.00 in profits
The investment was 6,018,000.00 (if the buildable square feet is 59,000.00 and if it’s more it only enhances the bottom line)
it comes out to a 50% return on the entire investment in approximately 2 years
Now it’s probably going to be developed for luxury apartment that cannot be afforded by the hymisha community and would only increase the market value of condos in the neighborhood and as a result increase the property taxes