Luxury condos are expected
Nick Werner’s Largo Investments has acquired 215 North 10th Street in Williamsburg from Abraham Weiss for $25 million. The condo development site allows for the construction of around 48,600 SF.
Worth Noting: When the project is completed, the L train will be running again, which will add further value to a solid location. With a land basis of $514 a foot, Largo will build condos.
Takeaway: With a project costs in excess of $1000 a foot, the margin for error is slim.