54 State Street Trades Hands

Back on March 26th we stated that 54 State Street may be in contract. Well that looks to be the case as a transaction occured on March 19, 2010, deed recorded April 8, 2010. Public records indicate the sale price to be $2,300,000, or $347 per sq ft. Our open Survey was indicating an acquisition price of $1,124,000, or $138 per sq ft based on what buyers were willing to pay for the 720 sq ft 1-bedroom apartment we proposed. Pricing for our 1-bedroom was coming in at around $464,000, or $644 per sq ft. Buyer group is composed of local players so I assume they know what they are up against. Previous owner acquired the property at or near the top of the market and paid $3,600,000, or $543 per sq ft. Most likely exit scenario for this current acquisition price is condominiums, as the cost to re-build this almost completely demolished building will probably be $275 to $300 per sq ft.