Quote:
Originally Posted by SD1
I disagree completely. Simplicity is the only one putting out hard numbers and presenting a solid, reasoned critique of this project specifically, and the Fortress business model more generally. He's the reason I hang around here.
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I tend to agree...
Although a slightly gentler approach would be appreciated first thing in the morning and would add to simplicity's rational position...
You really have to ask why they spent $9,500,000 for a site that sold months earlier for $4,500,000 ...
That's 48,000 ft2 of land at over $90ft2!! (Highest price to that date).
The fortress price was almost $200ft2!!
$5,000,000 of investors money flew out the window on the day the transaction
closed...
Typical OPM mentality .
Go try and make any sense of that!
If anything it should be use as a comparable for the Carlton Avenue site in an attempt to recover its huge purchase price... (CV went on record justifying the purchase price by using this site as a comprable).
I think this sale will be excluded though in an attempt to average down the final Carlton sale price...