Two Townhouses in Vingegar Hill for $2.5million
November 29th, 2006
* My photo stitching abilities are subpar, so you can look at the properties separately below.
These two adjacent properties in Vinegar Hill are being sold as a package for $2.5million. They are at 100 and 102 Gold Street, right across from 99 Gold Street Condominiums. The listing from Fillmore.com states:
“Houses to be knocked down for development. Sold as package- 100 and 102 Gold Street. (2) 25′x100′ lots. R6A Zoning. Starting price is $3.2 mil. Owner will entertain all reasonable offers.”
The exterior doesn’t seem to be in great shape, and it’s close to the Farragut Housing Complex. It’s zoned for R6A Zoning, which means they typically produce six-story apartment buildings designed to be compatible with existing buildings found in older neighborhoods. Anyone have more info on this listing? Do you think the potential value is worth $2.5million?
100 Gold Street, Vinegar Hill
102 Gold Street, Vinegar Hill
{fillmore.com, webID: 606064}
9 Responses to “Two Townhouses in Vingegar Hill for $2.5million”
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November 29th, 2006 at 1:40 pm
They were orginally listed for 3.2 Million..
December 1st, 2006 at 9:22 am
Not a bad price @ $2.5 mil. Thats roughly $128 per buildable sq ft based on an R6A zoning. With a $250 per sq ft build out, you’re looking @ $400 price per sq ft when 99 Gold is hovering @ $700+. With interior sq ft reaching say, may a 85% of total, the 19,500 sq ft building would be sellable @ 16,575, leading you to a potential profit of nearly $5 million before fees!
December 1st, 2006 at 1:24 pm
Anders where are you getting 19,500 SF buildable? The FAR in a R6A is only 3. I’m getting $166 per buildable. Way too much.
December 1st, 2006 at 2:55 pm
Your totally right. I based it on 65% ratio. I realize it ahoud have been 15,000 instead. I still see a gain of $3 million+. Still not too shabby in my opinion.
Hell, I would try and not be greedy and list @ $600 psf. That gives you a profit of $2.3 or so.
Developers get greedy which in some cases when they have investors to answer to, I understand. If I were a developer and say 99 Gold going @ $700, I would build and go in @ $600, propably sale through in pre construction with ease.
Just my opinion.
I do have a question, is $250 per sf to build reasonable in NYC? I know a couple of years ago I got a qoute from a VERY established builder @ $170 (less than 50,000 sf). I know prices have gone up so I was just wondering?
December 4th, 2006 at 3:46 pm
If you can get $250/sf today, take it. Open shop jobs are running between $250 and $300 depending on the scale and design. All union jobs are at $375-$400/sf today and rising. That coupled with the softening of the market is requiring a lot more thinking before going ahead with a job.
July 8th, 2007 at 4:16 pm
That property, 100 & 102 Gold Street is where my mother grew up her sister & brother are selling it. The top floor of one has been redone/was in the process of being redone when my uncle died I do recall all new sheet rock being in not that it counts for much. The very top of 102 is completely redone I think I know one is I can’t really remember. No one really goes there since my uncle & grandmother died. A day care is next door to it on one side & a buddhist temple use to be there on the other. If you get to the back the view of the city make the property worth what it’s listed & more.
October 31st, 2007 at 10:47 pm
This property is worth much more than the asking price. The current owners should educate themselves about money, investments and taxes. Find the loop holes and start a corporation. Holding on to this property and leasing it would make them wealthy. Make your parents proud and don’t give up this property. Candelario Alvarez, Lorenza Alvarez and Alexander Alvarez worked hard to provide this property for all of you. Don’t give it away to smarter richer people. Take the risk and you’ll be richer than you ever thought you could be.
May 8th, 2008 at 11:51 pm
They started tearing down the building on the right on Thursday. A crew of guys in hardhats and electric saws took the roof off and ripped out most of the facade and top floor in a few hours. Anybody know if the building was condemned?
May 9th, 2008 at 11:31 am
Both buildings were for sale according to an ad in the NYT. Asking $1.8 million for both. Maybe they were finally sold.