30% IRR, 2X on $20 Million Preferred Equity Secured by Prime NYC Condominium Development

April 8, 2017

 We have an excellent opportunity to invest $20 million of preferred equity to facilitate the development of a 408,000 SF mixed use residential condo, retail, and community use project, being developed in a prime location in a prime NYC neighborhood. The project is as of right, has no environmental or possession issues, and work has already begun on the site.

With respect to the economics, the project has 250,000 net sellable square feet and based on comps from Toll Brothers and other relevant comps in the area, the Sponsor expects to average $2,000 psf on this beautiful luxury condominium which is located in the best part of this sizzling hot residential community.

 Pursuant to our structure, your last dollar will be $410 million against a residual sellout of approximately $500 million. Of course, my client will agree not to take any return on their investment until you receive 100% of your investment and investment, plus a 20% IRR return. In addition, you will receive 15% of the net profit from condo sales.

 The construction financing will close in April and my client is providing all required construction completion guaranties. There is also $110 million of low cost EB-5 financing which has been funded and is sitting in the bank. My client will have at least $15 million of cash equity subordinate to your requested investment.

Our client is an experienced and successful full service real estate development firm located in Manhattan that has been in business for 30 years. During that time, the company has completed approximately 5,000 residential condominium and rental units in 40 projects, totaling over 5 million square feet and $1.3 billion in development costs, in the NYC area.

Please email us at webleads@carltongroup.com to discuss this opportunity in greater detail.

  Previous Next  

Contact

For new business inquiries, fill out the form or call us and the appropriate representative will be in touch.

(212) 545-1000

30% IRR, 2X on $20 Million Preferred Equity Secured by Prime NYC Condominium Development