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Owner argues vacancy and build cost; assessor proposes $2.7M for 34th Street warehouse
Summary
The owner of a 2024-built warehouse on 34th Street said the building has been 100% vacant since completion and presented construction cost documents; the assessor reviewed costs and Marshall & Swift data and stated the assessor would offer a building value of about $2.7 million. The board closed the hearing and deferred a decision to Thursday.
At the June 1 special session, the board heard BOE #157 concerning a newly built warehouse on 34th Street. The owner supplied contractor cost documents and said the building — completed in 2024 — was intended for storage, advertised widely and had not been leased since construction.
The owner said the contractor’s bill suggested a build cost of roughly $1.5 million and disputed higher market assumptions the assessor had relied upon. "It has been 100% vacant since it was built despite being advertised on several platforms," the owner’s representative said, adding that the owner listed marketing platforms and lower effective rents.
Assessor staff reviewed the documents, ran cost and Marshall & Swift analyses, and said the assessor’s office would offer a building value of $2.7 million (about $73 per square foot) based on average construction quality and the building’s 22‑foot wall height. Assessor staff noted that loan/contract figures and whether soft costs or entrepreneurial profit should be added affected final cost estimates.
The board closed the hearing and indicated it would take the materials under advisement and make a decision on Thursday; no final valuation was recorded in the June 1 transcript.
