Rough PPSF to build luxury condos in NYC?
To all the people in development in nyc, a couple quick questions:
- What are rough hard & soft costs on a PPSF gross basis to build luxury condos in a prime lower Manhattan area?
- How efficient are they roughly on a net to gross basis?
- What are the light and air rules?
Thanks
FWIW. Luxury will sell out between $2000-$2500 PSF in prime Manhattan markets. Construction costs will vary widely depending on project. Just make sure you have a huge debt service reserve for when the city delays your approvals. Air rights is a massive can of worms. Hire an attorney.
Except no one takes on construction debt before getting their approvals, so I'm not sure why that would be an issue...
The city can be a nightmare to build in, but this kind of needless, idiotic fearmongering doesn't help either
Few years ago was seeing 1600ish range with land being about half the cost. No idea what it is now but imagine land has probably gone down or held and hard costs/soft costs have gone up.
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