Development site prices soar

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Manhattan land sales are hitting record prices as international and domestic investors gobble up parcels for future residential development. For example, Macklowe Properties recently purchased a blockfront between 46th and 47th street on the west side of First Avenue for about $660 a buildable square foot. Nearby, at 313-317 East 46th Street, a development site is being marketed for $445 a buildable square foot. Experts believe developable parcels will continue to command higher and higher premiums. After “a spate of land sales at prices I never thought achievable, I have finally given in to the fact that we do exist on an island in Manhattan and that it really rings true that ‘they ain’t making any more of it,'” said Eastern Consolidated principal Alan Miller. more [Sun]