Mixed-use, redevelopment with affordable component

[Christopher Vlacich]

Investment Info:

Large multi-family (5+ units) commercial investment investment.

Cash invested: $3,000,000

I am in the process, with development partners, of re-developing an assemblage of properties that my family has acquired over the last fifty years through our successful and iconic restaurant and investment properties. The new building will have 60 residential through 5 floors with the return of our iconic restaurant on the ground floor

How did you finance this deal?

Privately to date.

How did you add value to the deal?

We have combined 5 separate tax lots into one, large 100x150 lot and managed to qualify for the vital and expired NYC 421-A tax abatement.

Lessons learned? Challenges?

Many!