A 40,000 sq. ft. plot that is zoned to accommodate a 320,000 sq. ft. of residential development at 41-50 24th Street, which has been an empty dustbowl for as long as I can remember. Well it recently traded hands again (after the previous owner sat on it for 4 years, the owner before that for 5) and its current sell-price values the potential build-out (not including the actual cost of building, just the land) at $90/sq. ft. Yup. $90 for a square foot of that dirt and 8 stories of air rights. You can do the math or click here to read the original article and find out. Seriously, the only way to get rich in NYC is to already be rich, it would seem.
YOU GO GIRL!
Perhaps I’m missing something but the back of my envelope says the land was sold for about $700 per square foot of dirt, rock, and Western Queens detritus.
Should the land ever developed to its fullest potential, I’m sure the price per square foot would drop to the low, low price of $90 per sq. ft. because there will be 320,000 usable square feet.
Rich people are trading with other rich people on the potential to become even more rich.
It is definitely $700/sq. ft. in pure square footage terms; $90/sq. ft. comes from dividing $28M by 320K usable square feet – that’s nearly twice as expensive as SoHo, FYI.
holy shit. thas spencive. I couldn’t even buy one square foot of it as a joke. you what I love about the rich… they’re edible.