How to model a facility component for maximum FAR?

[Daniel Chun]

I client of mine is looking into a plot of land to develop in Brooklyn.  Here are the stats:

Max residential FAR 2.43

Max facility FAR 4.8

Lot size: 2853 sf

Max residential buildable sf: 6933 sf

Max facility buildable sf: 13,694 sf

Primary zoning: R6 Commercial Overlay: C2-3

QUESTION: By building a community facility you can almost double the sf buildable.  How do you model the community facility component when underwriting the development?

• Let's say residential comps are $1000 psf, the sellout for just residential is $6,933,000.
• But if we build a community facility to get the bonus sf (additional 6761 sf), what would the price be per sf of that community facility?  And how much of that bonus 6761 must be used for the community facility?

Really appreciate any guidance you folks may have!