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Save The Children Building is for sale

Save The Children

For arguments sake lets just say the Save The Children building is 54,000 square feet. If the the building was sold for $300. dollars a foot that would bring the cost to about $16,200,000. million dollars. If one was to construct 27 condo units–each unit could be 2000 square feet. If construction costs were about $400. per foot that would bring the total investment to $37,800,000., or $1,400,000. per unit.

Now, if one were to approach a bank and borrow 40 million for five years the bank would charge interest of about 5%. The payments would be $754,848.oo per month for sixty months. We’ll just leave taxes and insurance out of it for now, one would be paying back 45 million to the bank. The cost is 5 mil to borrow 40 mil for 5 years. Bringing the cost per unit to $1,677,440.oo per unit.

So if each unit (or condo or townhouse) sold for 2 million the investor(or speculator) would achieve a $322,560.oo profit per unit. At 27 units that totals $8,709,120.oo total profit assuming all the units sold within the 60 month term of the loan.

I would do the deal but my credit isn’t that good. Also, not sure you can get 2mil for a condo. I would probably try to get the property for less than 300 per sq foot, maybe 250 would be more realistic. Maybe one could get a lot more square footage out of it, it is lower than the other buildings next to it. Get a private investor so I didn’t have to make the monthly payments and promise to build the walking bridge so the town didn’t get in the way. I have no idea what planning and zoning would say about it. My guess is it sells for 13.6 mil, just a guess.

All it takes is one call to the broker, a meeting at the bank, attend the closing and hire the construction company. Sell it off to a REIT and walk away with 4.2 million in two weeks.

In reality though think about all the children around the world who get a piece of that 15 million for the sale of the building!

Meeting of the Famous Artists’ School, Westport, Connecticut. Clockwise from lower left: Ernest Fiene, Doris Lee, Ben Stahl, Stuart Davis, Adolf Dehn, Arnold Blanch, and Will Barnet, ca. 1954 / unidentified photographer. Will Barnet papers, Archives of American Art, Smithsonian Institution.