Annual Return: 8.00 - 8.25%
Min-invest Amount: $10,000
Duration: 12 – 24 Months
|Fund Type||Private Equity Fund|
|Estimated Return||8.00 – 8.25% Annualized Return*1|
|Investment Type||Equity Pledge Loan|
|Unit Price||$10,000 per Subscription Unit|
|Offering Date||December 2022|
|Investment Timeline||12 + 6 + 6 Months|
|Dividend Schedule||Prepaid per 6 Months*2|
*1 8.00% Annualized Return for Investment of 1-19 Units; 8.25% Annualized Return for Investment above 20 Units.
*2 Investors will receive a minimum of 12 months of dividends. After 12 months, dividends will be calculated in terms of days till principal is repaid; Investors will receive prepaid dividend before every period.
|Property Address||58-01 Queens Blvd., Queens, NY 11377|
|Site Area||Woodside, Queens, New York|
|Lot Area||18,924 Sqft|
|Sellable Area||96,602 Sqft|
|Total Units||120 Residential Units|
|Construction Duration||3 Years and 3 Months|
|Expected Dividend Calendar|
|Round of Dividend||Dividend Date *1||Counting Date||Ending Date||Dividend Period||Notes|
|First||No Later than|
|12/7/2022||6/6/2023||6 Months||Prepaid Dividend|
|Second||No Later than|
|6/7/2023||12/6/2023||6 Months||Prepaid Dividend *2|
|Third||No Later than|
|12/7/2023||6/6/2024||6 Months||Extension Option Owned by Developer *3|
|Forth||No Later than|
|6/7/2024||12/6/2024||6 Months||Extension Option Owned by Developer|
*1 In case of holidays and non-working days, the dividend date will be automatically postponed to the next working day.
*2 After 12 months, dividends will be calculated in terms of days till principal is repaid.
*3 After 2 dividend periods, Developer owns two extension options, and investors will receive dividend accordingly.
|Mortgage from Commercial Bank||$8,100,000||42.18%|
|CrowdFunz Fund 828 Equity Pledge Loan||$2,000,000||10.42%|
|Developer Equity Contribution||$9,100,000||47.40%|
|Zip Code 11377|
|College Education or Above||52.6%|
|Average Household Income||$77,052|
|Average Family Size||2.67|
|Average Home Price||$569,000|
Woodside is a key transportation hub, connecting Long island and New York City. Its strong network of transportation makes it being ideal living area for young New Yorkers。
Most residents live with a family lifestyle, therefore they spend mostly on daily necessities。
Residents have an average age of 40.5 years old. Child-bearing families are accounted for 25.5% of population. Most people purchase house to live in. However, local properties also had garnered huge investor interests, in turn pushing up the house price。
* Source: United States Zip Codes. Org. & Esri Zip Code Lookup。
Woodside is in Queens Community District 2, which has residential and industrial properties as major realties. About 12% is 1-2 family houses, 14% is multi-family buildings, and 4% mix-used properties. In multi-family properties, the majority is co-ops that were built in the last century, and the supply of condominiums is limited。
In recent years, Long Island City and Sunnyside had quickly developed, which stimulates the condominium average price to $1,400/Square foot in Woodside。
Several new multi-family properties have been established in Woodside, including buildings on 46-02 70th Street and 52-22 Roosevelt Avenue.
* Source: Appraisal Report from CBRE。
Since the initial land preparation is undergoing, CrowdFunz prefers to considering the current project valuation based on the land market value.
After the comparable analysis, CrowdFunz believes that the underlying project’s land has an average price of $180/Square Foot.
The details of land valuation are listed below:
* Data Source: Appraisal; Calculated and Summarized by CrowdFunz Holding LLC.
Project is in central area of Woodside, Queens, with easy access to public transportations, including LIRR, metro lines, and bus routes. Going to Midtown Manhattan takes approximately 15 minutes.
There are numerous primary schools, middle schools, and high schools to meet the education needs of local children. There are also professional schools for adults looking to advance their careers.
The area has well-developed small business environment which is convenient for local families to satisfy their daily purchases; restaurants, supermarkets, and delis are diversified for residents of different races.
The neighborhood has parks, childcare facilities, educational institutions, recreational centers, and museums.
Developer Company: New Empire Corp.
Developer Website: https://www.newempirecorp.com/
Prior Cooperation: CrowdFunz Fund 604 / CrowdFunz Fund 805 / CrowdFunz Fund 819 / CrowdFunz Fund 826
New Empire Corp. was founded in 1997 and has over 20 years of development expertise.
Its projects in Long Island City and in Brooklyn have won Best-selling Condominium Awards in New York City and Brooklyn.
Under the leadership of CEO Bentley Zhao and Vice President Kevin Zhao, the company has completed over 100 residential and hotel projects.