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Elmhurst, Queens, NY
Gross Financing: $6,000,000(Max)
* (Phase I. Investment:$3,000,000，the expected closing date is March 15th, 2019 or after fundraising accomplished)
* (Phase II. Financing:$3,000,000，the expected closing date is May 15th, 2019 or after fundraising accomplished)
Expected Return: 8.0%
Investment Type: Preferred Equity + condo book price discount
Minimum Investment: $500,000 per Membership Unit
Investment Duration: 12 - 18 Months
Payment Period: Semi-annual Payment in advance
* Per Construction loan appraisal, the total finish value of the project is over $250 Million, bank provided $68 Million construction loan which is been approved and used partially.
* Subscribers will gain 8.0%/year expected return plus the discount of 5% base on the condo book price provided by developer.
Address: Elmhurst, NY, 11373
Region: Queens, New York
Lot Size: 46,768 sqft(298 ft *183 ft)
Building Size: 327,844 sqft
Purchase Price: $26.5 million
Construction Loan: has been approved, will be paid in full*
- This building is located in Elmhurst, Queens. The developer & its partners bought this piece of land on Oct. 2014 with $26.5 million dollars. Compared to nearby development site, competitive purchase price is only $81/sf. Superstructure has been finished. The construction team is working on the interior of this building.
- The mixed-use 17 floor building contains 184 condos (from 1b1b to 3b2b), 150 of which are under contact. Besides, 145k SF commercial spaces spread from 1st floor to 4th floor. A huge parking lot with 252 spaces is attached. Target buyers are those who work in Manhattan, LIC and those who are looking forward to upgrade their living space in Elmhurst.
- 3 mins walking distances to M/R train, adjacent to Queens Center & Queens Place. 20 mins to LIC/ 30 mins to Manhattan with train ride.
* Based on the filling record from First Commercial Bank in 2014, the total amount of the construction package is $67.5 million, the loan is being paid to developer in batches.