The Daily Dirt: Why $900K per unit is “obnoxiously possible”

Last Tuesday’s Daily Dirt about four long-vacant Harlem lots getting affordable housing — for an average of 909,000 per unit — caught the attention of an investor who owns and manages a portfolio of rent-regulated and free-market apartments in Brooklyn and Manhattan. The lot at 136 West 137th Street, he noted, “has been empty forever.” But that didn’t surprise him in the least, because a 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 — the basement needs to be excavated in sections []This article originally appeared on The Real Deal.