Another condo site sells
CBSK Ironstate has entered into contract to purchase 646 11th Avenue from the Bram Auto Group for around $93 million, according to TRD. The company plans to redevelop the property into a 225 unit residential condominium.
Go Deeper: CBSK (CB Developers + SK Development Group + Ironstate Development) plans to develop an 180,750 square foot building. Lexus dealership will vacate the property at closing and has agreed to buy back the ground floor and basement upon the project’s completion.
Sound Smart: With a struggling high-end condo market, it’s remarkable that these development sites continue selling at over $500 per buildable square foot. Margins are very slim and developers have little room for error.