More NorShor Details
I was going to post this as a response in a previous thread, but made it a post instead…
There are questions about the sale price. Legitimate questions, $2.6 million is a lot of money. Between the three buildings, there is a lot of value. This is both a fair price and makes economic sense for the city. I’ll share our value assessment with you.
First, we have examined the sq ft comps in the neighborhood. There is 40k sq ft of commercial / office space in the Temple and Annex space. The average per sq ft cost for sale in old downtown is $37.75 based on building sales of Coney Island Bldg and Gardner Hotel (and other area building sales). I think we could make a strong case that the Temple is a much more valuable property than those, but using this standard, the value of the commercial and office space would be $1.5 million.