Pristine location in SoHo NYC. 6 Story 45,000 sq ft Landmark Bldg with approvals in place. Bank appraisal of 71 million. Building to be delivered completed by May 2010. High profile magazine in contract to lease penthouse floors for major status/social events.
38,000 sqft net sellable. Approximately 7500 sqft per floor/unit except PH 9500 sqft.
Investor will receive a preferred return of 10% R.O.E., plus 40% of the deal. Completion of project through sellout projected on a conservative basis to be 18 months. Conservative sellout anticipated to be 65 million.
Investment will be secured and collateralized.
Hard costs – 9m
Soft costs – 500k
Carry – 4m
Further information regarding deal can be supplied via email. Package ready to be sent.