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Condo Development Land Loan 606

Long Island City, Queens
6.75%-7.00%
Annual Return

COMPLETED
Investment Summary
  • Investment: $2,000,000 Est. Annual Return: 6.75% ~ 7.0%
  • Investment Type: Debt (First Lien)
  • Minimum Investment: $50,000
  • Projected Term: 12 - 15 months
  • Est. Annual Return: 6.75% ~ 7.0%**(1-2 units 6.75% ; 3+ units 7%)
Property Overview

The project is located at Long Island City, Queens, New York. Lot size is 16,968 sq ft. Planned building height is 11 stories, and gross floor area is 119,950 sq ft, including ground floor commercial space, 1st floor commercial space, 2nd floor parking(30 parking slots) and 69 condo units.

The total cost of the project is about $60,000,000, including $23,000,000 of land acquisition, $29,339,400 hard cost, $3,660,000 soft cost and $4,180,000 financial cost. It is planned to finish demolition in July, 2017, start construction in August, finish main structure in August, 2019, and get the occupation permit in October.The total term of the project will be about 3 years.

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