Property's worth is determined by the market (market value). Typically, its based upon what you can do with. If we are talking about developable land, it's value if based upon what you can build. ALL Property must be valued according to what we call its Highest and Best Use (HBU), I won't bore you with valuation lessons, but HBU is basically what is physical possible (size, etc.), legally permissable (zoning, etc.) financially feasible and ultimately, as the uses past these tests the one(s) that is maximally productive. Based upon what could be built on that triangle (136 units) the price is absolutely ridiculous. As I said before here, working with an average size of 1,200-1,500 sf/unit, it is only a couple of bucks per developable sf. That is insane and in my 20 years in property valuation, in the worst times and the worst places (South Bronx, etc.) I have never seen a price so low. I don't know how this purchase is arranged and if there is a quid pro quo, ie., infrastructure improvements or other developer cots. But as Mark said here, it is unconsciousionable (spelled wrong) for governemt to sell public property (or any property) without a market value appraisal. As I am encouraging others to buy in AP, they are put off, but I tell them that it was unique circumstances that kept it down so long. If you had written what occurred people would think its fiction. Eliminating all of that, it is a no brainer. 1 mile of beachfront, great houses, a year round community attracting Manhattanites and gays, Tribeca, Soho, etc.
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