You See Office, Investor Sees Condo!

At the old Mayflower Hotel at 61st Street and Central Park West, Mr. Heller said, the developers paid about $700 a square foot for the site and the building, which was demolished. It will cost $700 to $800 a square foot to build 19-story and 35-story towers at the site, he added.

"That puts Zeckendorf in at about $1,500 a square foot," Mr. Heller said, referring to Zeckendorf Development, the owners of the project. "In today's market, they can sell for $2,500 a square foot. That is 60 percent costs and 40 percent profit."

Source: NY Times