At 4:35 PM, myhumbleopinion saidβ¦
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 βvos iz neiasβ 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 itβs more it only enhances the bottom line)
it comes out to a 50% return on the entire investment in approximately 2 years
Now itβs 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
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