"The cost of $900,000 per unit would be somewhere in the realm of obnoxiously possible. It's a narrow lot that will be extraordinarily hard to build on."
"New construction must be effectively freestanding and requires thicker walls than the original ones, reducing the usable width."
"In a rational world, bunches of these buildings would be torn down to make way for newer buildings with larger floor plates, but zoning, rent regulations, historic districts, etc. make all of that too hard."
"What this illustrates is that New York City makes it extremely hard to build because the code is so complicated and requires a lot of stop-start."
The cost of constructing affordable housing in Harlem is approximately $909,000 per unit, which is considered excessively high. The lot at 136 West 137th Street has remained vacant due to its narrow dimensions and the complexities involved in building on it. Modern construction standards and zoning regulations complicate the process further. The investor notes that many buildings in the area are outdated and that the city's regulations hinder new development, resulting in long-standing vacancies and stalled renovations.
Read at therealdeal.com
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