Is this really going to happen to 105 Schenectady ?

Here's the present site:

Here's what it could legally become:  http://www.terracrg.com/wp-content/uploads/2016/11/105-Schenectady-Ave-SETUP.pdf

Would the market support it?!

I wonder why the seller bothered to get plans approved for a new building but didn't bother to build it. A quick flip maybe?

Having approved plans already on file allows a builder to start building soon.

Hence, such projects are attractive to companies with labor and financing at the ready.

...they bid more for such projects.

But still, the plans have to be something the buyer would build. Otherwise they're starting from scratch and I'm sure the architects fees have been built into the price so leave them off and let the buyer do what they want.

The buyers seem to be sets of young people willing and able to pay $700k per 825 sq ft box.