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Saturday, November 6, 2004
11/06/04 - Havenmeyer Building Costs
In a five-page report, Andrew Ashforth, co-chief executive officer of the real estate firm The Ashforth Co., examined occupancy costs over a 10-year period and then subtracted the properties' residual value from those costs. Constructing a new building on the Havemeyer site would cost $4.4 million, while purchasing an existing 30,000-square-foot building in town would cost $5.5 million to $6.2 million, his report said. Ashforth estimated renovation costs for the Havemeyer Building at $8.9 million and calculated the cost of renting office space at $9 million over 10 years.
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