Have you always wanted to live in the Washington Square West neighborhood but you've never been able to find the right home for you? Do you have many millions of dollars and a craving for new construction? Would you also dig on the idea of building a dream home for yourself and some well heeled friends? If the answer to all of these questions is yes, then we may have just the development opportunity for you. Recently, a listing for 1325 Rodman St. came across our desk and the property has quite a bit of redevelopment potential.
It should come as no surprise that there's already something here, and many of these buildings have been around for quite some time. Currently, the existing seven buildings are divided into thirteen rental apartments called Juniper Court and according to the listing some of the buildings are considered historic. Perhaps someone will step forward to buy this property and maintain the rentals, but we'd wager that a developer will be looking to tear down the existing structures and build some mansions in their place. The entire parcel contains about 8,500 sqft which would accommodate seven homes with parking. We'd imagine that each home could sell for well over $1M.
If a developer comes forward and pays the full $4.5M asking price and deals with the challenges inherent in demolishing historic properties and extinguishing an alleyway, they'd be looking for sale prices well in excess of $1M to make it worth their while. Unless, of course, you're the one who buys the property and ignores profitability in the interest of building exactly the home you've always dreamed about.
On an unrelated note, the Powerball is almost up to $350M and the drawing is tonight.