- Apr 24, 2007
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A rumour in the 'hood is that the site is for sale asking $20M. Does that sound right to anyone? Seems a tad high to me.
Unless that hotel is doing $1,000,000+ in net operating income I highly doubt that price is accurate. It certainly would not be worth $20,000,000 for land value alone- it can't be larger than an acre and the site area wouldn't support more than a couple hundred units given the context.A rumour in the 'hood is that the site is for sale asking $20M. Does that sound right to anyone? Seems a tad high to me.
Clearly has more value as new condo site in this inflated market. The question is whether Freed's backers are willing to carry even more high priced inventory.
Just noticed this site was purchased by Freed for $21,875,000 (closing date was April 8th).
Even back in January 2008 when this thread was first started I thought the rumoured asking price of $20 mil seemed high .. but there you have it.