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Old Posted Jan 29, 2020, 1:15 AM
Crawford Crawford is online now
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Join Date: Nov 2003
Location: Brooklyn, NYC/Polanco, DF
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Quote:
Originally Posted by suburbanite View Post
The price of the Coca-Cola Building can't just be for the existing asset can it? It's not very big, and at a 4% cap rate and 250,000 SF they'd have to be charging ~$150/SF net.

I don't know how heritage protection works in NYC, would they be allowed to build high-rise residential on top?
It's for the asset. The structure is landmarked. No way could they build on top, except for maybe a small landmarks-sanctioned penthouse hidden from the street.

Most Midtown Class A buildings get north of $100 psf, and the lower (retail) floors probably get (blended) like $1,000 psf (so ground floor much higher). And these types of buildings aren't bought for amazing returns; they're a safe place for jittery money.
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