I saw it on Loop Net. If all 18 units built at top of range (3,400 sf), we're talking about 61,200 sf, and about $188/sf of buildable area. Sounds kind of pricey to me but assuming hard and soft costs are no more than $200/sf, its probably doable since I think they can prbably get close to $500/sf for waterfront condos. The sale is subject to approval. Putting aside the purported conditions that may have to be considered for the triangle, I think this is the realm we are dealing with. After much further thought, I don't think that you can build 136 units on the triangle piece if you have to provide parking on site and are limited to 6-8 stories. My guess is that if you have to provide 1 space per unit at around 300 sf per space, you need almost the entire plot area for parking to provide around 65 spaces. So I think, the triangle alone, if you can put all parking on 1 level at grade and build above you can get about 65 units. If they get a waiver on parking, or are allowed to consider off-site parking (fisherman's lot, right-of-ways, etc.) you can get more units. In any event, absent these purported conditions of sale, its a very valuable piece of land.
--- In AsburyPark@yahoogroups.com, "oakdorf" <[EMAIL PROTECTED]> wrote: > > Atlantic Group Realty is offering it - but I'd be more then willing > to co-broke it. I believe it is around seven presidents SEE > rendering ON http://www.cpmre.com/lb_sapphire.htm > > That is all I have only on it - without contacting the agent Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
