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80 Unit Multi Family Off-Market Property in NY Available for Purchase
Hey ya'll, I've got a client that is in the process of finishing up an off market condo development on Long Island and he's asked for some help getting connected to a buyer. I know deals this big typically don't happen here (not what this site is usually for) but I thought it would be interesting to throw it out to the community here and see what happens or at least see if anyone has a connection I could make to someone that would do a deal this size.
The property is appraised at a completed market value of $53 Million.
Units will be just over 1,100 sqft, 1 Bed 1.5 Bath but with a large den space that has the ability to value add and be turned into a 2 bed 1.5 bath. AGI is comped at $3,648,000 with annual OpEx at about $575,500 so bought in cash it's got a 5.8% cash-on-cash return year 1, not including tax incentives.
If theres interest or if you have a connection for me, feel free to send me a message.
Thanks y'all!