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Flushing, Queens, NY
8% - 8.25%
Offering Amount: $6,000,000 U.S. Dollars
Estimated Return: 8.00% - 8.25% Annualized Return*1
Investment Type: Equity Pledge Loan
Unit Price: $10,000 per Subscription Unit
Offering Date: January 2021
Investment Horizon: 12 - 18 Months
Dividend Schedule: Prepaid before per Period
Special offer: 3%Condominium Purchase Discount*2
*1 8% Annualized Return For Investment of 1-19 Units;8.25% Annualized Return for investment above 20 Units.
*2 3% Condominium Purchase Discount applied to Investor subscripting more than 25 units.
Address: 134-03 35th Ave, Flushing, Queens, NY, 11354
Area: Flushing, Queens, New York
Lot Size: 43,147 Square Ft. (207*259 Ft.)
Zoning: R6, C2-2 (FAR is 4.8 times)
Building Size: 207,105 Square Ft.
Closing Price of Land: $4,000,000 (1998)
Current Price of Land: $58,100,000 (Appraisal from CBRE in Jan,2020)
The developer has purchased an existing building in 1999 at a price of $4 million and has operated this property many years. The proposed architectural plan was approved in October 2020, and the construction began at the end of 2020. Currently, the foundation has completed nearly 50% and the main structure is projected to be finished by November 2021. Walls will be installed from December 2021. Interior décor is expected to be completed at the third quarter of 2023.
The development is a mega mix-used building with 16 floors and a total of 350,000 square feet. After completion, it will contain 14 thousand sf retail space, 16 thousand sf community facilities, a 208-key hotel, and 119 condominiums. The building also includes 196 parking lots.