At Cubed Advisory Services, we are always in favor of thinking big and thinking out of the box. It is the fresh ideas that make for interesting development in NYC and brings change to the urban fabric. Even so, we are having a hard time with the numbers presented in the Full Story below.
JDS Development and Property Markets Group are teaming up to redevelop an old Verizon exchange building in Chelsea into luxury condos. The building is an existing 23 floors and will be fully gut renovated with heated floors, coffered ceiling, and french oak floors. It is to be marketed at $3000/SF to $10000/SF.
There had better be some unicorns and fairydust in the renovation schedule- the $/SF they are looking for are in the territory of 15 CPW.
The $88M oil baron's daughters crash pad came in at $13k/SF... a more humble 35th floor unit is priced at $10k/SF.
Who underwrote this project? Would someone please get them a calendar that goes past 2007.
Labels: Chelsea, comps, JDS Development, Property Markets Group, redevelopment