Looking To Build A Condo On 4th Avenue? Building For Sale With Potential Projected Revenue
If you’ve got several million dollars and a desire to build yet another condo building along 4th Avenue, a three-story building just came on the market, and it’s being sold with an eye toward expansion.
The building at 55 4th Avenue, between Dean and Bergen Streets, was recently listed by Coldwell Banker for $2.75 million, but the agency goes on to note what the projected costs of development at the site might be — namely, for a scenario they present that would create a six-unit, 7,020-square-foot condo, the rendering of which is pictured above (though it should be noted that’s just a proposed rendering, and the plans have not been approved).
They estimate the development would cost around $1.755M, and that the total revenue for those condos could bring in more than $5.7M, which could mean an almost 25% return on investment.
While not on the scale of so many of the other developments recently built or currently underway along 4th Avenue, what do you think — would a new development be a good fit for this block?
