Seize the NYC Real Estate Boom: The 3-Family Condo Venture

Real Estate
NY, USA

Investment - $9.5M

  • New Construction in NY
  • Proposed Use- 3-Family Apartment Building (condos)
  • Proposed details- R6 zone, 6,000 sf. zoning area
  • Phase 1: Acquisition loan needed- $8000,000 (I will bring 20% equity and soft costs)
  • Phase 2: Construction loan needed- 6,000 sf x $250 per sf = $1,500,000
  • Purchase at: $370/sf (usable square footage only)
  • Proposed Sale at: $800/sf x 5,000 sf (not including cellar) = $4,000,000
  • Total cost of Project: $3,000,000
  • NET PROFIT of over $1,000,000 in 24-36 months