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BubbleWatch

Over in Meier-land, along West Street in the far West Village, a special Curbed correspondent is none too happy with what he sees in a listing for a 3-story walkup building that's recently hit the market:

My vote for the Most Delusional Broker in Town has priced a three story 22?-0? x 90?-0? walkup at 401 West Street, between Charles and 10th Street for (drumroll) $16,000,000. Even if you knock the building down and rebuild a private manse on the Downtown Gold Coast, oh so close to Meierland, you are paying $1327/psf! For air rights! (22.25 x 90.00 = 2002.50 lot area x 6.02 FAR = 12,055 buildable square feet. $16,000,000 / 12,055sf = $1327/psf). That would be twice the cost of Park Avenue or Fifth Avenue on the Park. And here is the best part ? you can?t even USE those pricey square feet because in a C6-2 zone there is a so-called anti-sliver law which states no building can be vertically enlarged if it is less than 45?-0? wide!!!! What the hell is going on?
Well, don't ask us. But in related New Gold Coast news, a tipster emails to inform us that retail space at the Meier-designed 165 Charles Street is up for grabs. They're asking $150 per sq. ft, versus a mere $50 for the retail space a few blocks down at the now Olsen-Twins-free Morton Square. We're officially dizzy again.
· Listing: 401 West Street [Central City Brokerage]
· Retail Listing: 165 Charles Street [Lansco, PDF download]