Property details

New York City Development Project For Sale, Northeast Region

Property Description

New York City Development Project For Sale

TD bank for the corner, definitely in...

Other tenants that have expressed sincere interest are Modell's and Wendys....

84,000 sf Development Deal

Existing 19,000 sf parcel of 5 stores and parking lot

$154 per buildable sf, $13M for the Project with Ground Lease

$226 per buildable sf, $19M for outright Purchase with basements for buildable floor plate of 19,016 sf of existing 9,766 sf of retail with a 9,20 sf parking lot behind the stores and entrance

Strategy 1: Purchase Leasehold for $13M. The project has leasehold income of $17,000 per month. The fee owner will hold allow the property to e subordinated for a construction loan. In this manner, the free cash flow of the 49 year leasehold will pay down the acquisition price and the construction loan.

Strategy 2: Purchase of Fee and Leasehold for $19M. This is an outright purchase of the leaseholder and the fee position for the building. There is no existing debt on the property. There is no ground lease payment of $17,000 per month.

Summary: For both strategies, without the anchor tenant, there is no deal. The free cash flow from the anchor tenant takes care of the debt service incurred to buy and build the project.






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Highlights

Status:
Available
Price:
$19,000,000
 

Property Information

Property Type:
Net Lease
Industry Type:
Retail
Units/Spaces:
1
Purchase Tenure:
Fee Simple
 

Existing financing information

N/A

The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.