Investment opportunity in one of NYC’s most prestigious neighborhoods
Investment opportunity in one of NYC’s most prestigious neighbourhoods. This presents a rare opportunity to develop a mixed-use project in an excellent location on a corner lot with great exposures in an area with extremely limited supply of new, high-end, family size units. Plans to build a uniquely positioned boutique, ultra-luxury condominium building in a highly sought after neighbourhood with virtually no product to compete with due to dwindling pipeline of new developments.
- Scarcity: one of the last remaining ground-up development opportunities in prime area
- IRR >20% with equity multiple > 2X
- Debt Required - circa USD $64.6m
- Equity Required – circa USD $26.3m
- Sponsor activities include asset and property management including renovation and lease up management for newly acquired assets
- Sponsor with strong track record in capital formation for new real estate investments and asset management for over 150 investors
- Sponsor acted as Chairman of the Board of Directors for a Bank where he also served as the Chairman of the Audit Committee
- Developer/Sponsor committing $1m equity