3 Cross Ridge in Havemeyer has sold (in a bidding war!) for $849,500. The house is a teardown (town assesses its value at $53,000 which says everything you want to know) and, while it’s on an oversized lot, 0.47 acre in the R-12 zone, I don’t believe you can drag two building lots out of it. So what do you do with this land, other than build a big honking house on it?
Okay, so you build that house – allowable FAR is just under 5,000 sq. ft. Maximum value in Havemeyer is probably $1.650 or so. Even 4,000 sq. ft. @300 per foot means you’re into this place for $2 million plus. That rules out builders so I assume a private party purchased this. I’d suggest that he plan on staying here for a looong time but the fact that there was at least one other buyer interested in this location suggests that I’m wrong. I’m pretty sure my numbers are right so what am I missing?