what is one FAR Foot equivalent to in square feet?

I am looking at a lot that has a FAR of 2.5 for residential use and 1.5 for other uses. The lot is approximately 8303 sq ft. What is the mathematical difference between a a FAR foot and a square foot? The sellers are asking between $100-120 per FAR foot. The math is easy for per sq foot.

$120 x 8303 = $996,360
I am tripped up on the FAR, what is the formula to calculate the bottom line?
In Buying Property - Asked by Garland B. - May 8, 2009
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Kier M.
Tulsa, OK

FAR is floor to air ratio. Properties in dense markets such as New York City are often sold based on the FAR because it stipulates how many square feet you could develop on the site versus. Often in tight markets the underlying property (lot) may be more valuable without the existing improvements if a more dense use is permitted by the zoning code. If the lot yyou are looking at has an FAR of 2.5 for residential the maximum square footage that you can develop on the site is 2.5 x 8303 = 20,757.50 s.f. of improvemets and the asking price based on $120/FAR would be $2,490,900.00 if they are calculating the asking price based on the residential FAR of 2.5 and not the other uses FAR of 1.5 .

May 8, 2009
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