Annual Return: 8.50% - 8.75%
Min-invest Amount: $10,000
Duration: 6 – 18 Months
|Fund Type||Private Equity Fund|
|Estimated Return||8.50 – 8.75% Annualized Return*1|
|Investment Type||Equity Pledge Loan|
|Unit Price||$10,000 per Subscription Unit|
|Offering Date||October 2023|
|Investment Timeline||6 – 18 Months*2|
|Dividend Schedule||Prepaid per 6 Months*3|
*1 8.50% Annualized Return for Investment of 1-19 Units; 8.75% Annualized Return for Investment above 20 Units.
*2 Investors will receive a minimum of 6 months of dividend. After 6 months. Borrower has 2 extension option, and investors will receive dividend accordingly.
*3 Investors will receive prepaid dividend before every period of 6 months.
|Address||43-05 Crescent Street, Long Island City, NY, 11104|
|Area||Long Island City, Queens, NY|
|Lot Area||5,370 Sqft|
|Building Area||39,500 Sqft|
|Intended Use||39 Condominium Units, 1 Commercial Rental Unit|
|Construction Duration||24 Months|
|Expected Dividend Calendar|
|Round of Dividend||Dividend Date *1||Counting Date||Ending Date||Dividend Period||Notes|
|First||No Later than|
|10/20/2023||04/19/2024||183 days||Prepaid Dividend *2|
|Second||No Later than|
|04/20/2024||10/19/2024||183 days||Extension Option Owned by Developer *3<|
|Third||No Later than|
|10/20/2024||04/19/2025||182 days||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 Investors will receive at least 6 months of dividends. After 6 months, dividends will be calculated in terms of days till Developer repays the loan.
*3 After the first dividend period, Developer owns two extension options, and investors will receive dividends accordingly at the same dividend rate.
|Construction Loan From Commercial Bank||$25,000,000||70.43%|
|CrowdFunz Fund 840 Equity Pledge Loan||$1,300,000||3.66%|
|Zip Code 11101|
|High School Education or above||69.8%|
|Family Median Income||$66,579|
|White Collar/Blue Collar||90.5%/9.5%|
|Average Family Size||2.21|
|Average Housing Price||$975,000|
Due to its premium geographic location, Long Island City has become one of the hottest areas absorbing new real estate developments in New York. Meanwhile, more companies and residents have chosen Long Island City as the destination for business and living.
Younger population dominants in the area, and most residents are middle class professionals with jobs and stable incomes. The ethnic backgrounds are also well-diversified.
The average age is 35; 23% of the families have children. Self-residence is the main demand for tenants. Due to the low housing inventory available for sale and high needs from buyers, the property prices are constantly going up.
* Data Source: United States Zip Codes. Org. & Esri Zip Code Lookup, American Community Survey, October 2023.
According to the appraisal provided by Newmark, the condo market in Queens has been gradually recovering post-pandemic. The price of condo units increased by 3.1% YoY in 2022. Historical data shows that the price of newly development condo units was 20% higher than pre-owned units in Queens, New York.
According to the data cited in the appraisal from Reis, in the past 2 years, there were 400 new condo units for sale on the market. In 2023, it will have 1,010 new units finished construction and available on the market. The high home price in Manhattan has made homes in Queens more attractive, which also explains the high net condo absorption in Queens. Strong demand for condos ensures stable growth of the property value in the region.
* Source: Appraisal Report from Newmark.
* Source: Data of cost accounts is provided by Developer; Data compiled by CrowdFunz.
Project is in prime area of Long Island City. The surrounding public transportation is well-developed with 5 subway lines and multiple bus lines. The residents can conveniently reach various destinations in Queens, Brooklyn, and Manhattan. Driving from the project site takes 15 minutes to LaGuardia Airport and 25 minutes to JFK International Airport.
The basic education system in the area covers many elementary schools, junior high schools, and high schools. There are also many technical schools to meet young professionals’ self-development goals.
In addition to well-developed public transportation, the local business environment is vigorous. Companies and government agencies has been moved to the area, and new restaurants and supermarkets have been settled.
The surrounding recreation facilities are improving to fit residents’ need. Museums, gyms, and entertainment venues nearby are within walking distance.
Developer Company: FBL Development.
Developer Website: https://www.fbldevelopment.com/
The development company is led by two new Chinese developers in New York. The team has more than 15 years of experience in real estate development in the New York local market, and the team has completed 5 properties in Queens, New York, being active on adding market footprints.
In the past 15 years, the development team has formed its own full-cycle development management and continuously improving the development and cost management of its projects, steadily expanding its local business.