New York Hard Money Deal - Close

815

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New York

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Borrower purchased the property in 2012 for $7million and demolished structures as per permit in 2014. Site is now build-ready and all approvals and permits are secured to build according to filed plan. Need a land loan to finance foundation work and other ground floor improvements. Once completed, he will obtain construction loan. Finished project will be approximately 180,000 sq. ft., and consists of 140+ condominium with on-site parking, retail and community/office space. Completed value @ $600/sq = $108MM; @ $750/sq = $135MM; @ $900/sq = $162MM. Total estimated project build cost is $43MM. The current “As is” value is conservatively estimated at $26MM. At 26-24 4 St. (across street in middle of block), a lot sized at 20,500 sq ft sold on 1/17/2019 for $11,500,000. That lot is 2.5 times smaller than the subject lot, it needs to be zoned and cleared, needs engineering and building plans and, needs approvals. The subject lot is on a corner, is cleared and approved with engineering and building plans in place. It is the opinion of the principals the subject lot will appraise between $28MM - $35MM “As is”.