All Forum Posts by: Chris Rivera

Land Description

Plot of Manhattan land for sale (Off Market). Included in the sale are the NYC approved construction documents. This is an opportunity to purchase Manhattan land and bypass architecture and/or the NYC government bureaucratic process.

The lot is in the up and coming “Spanish Harlem” neighborhood and borders UES. Lot Area is approximately 4,000 sq feet. The construction documents contain approved plans for a 7 story (elevator), 23 unit, 18K square feet building. The 23 units are for 21 1br units and 2 2br units. Based on my conservative estimate, annual rental revenues are approximately $550-600K once constructed. Construction is estimated to take approximately 1 year and has not yet been paid for.

I have the construction documents available however as they are confidential I will only provide to vetted potential buyers.

Owner Background

The owners have had the property for approximately 4 years and have been working through all of the necessary Construction & NYC approvals. They are currently set to break ground to build within the next 3 months. They are not actively marketing the property for but are open to selling at the right price and have authorized me to search around for what’s out there. I have a finder’s fee agreement with the sellers so I’m willing to talk to talk to any potential buyers for free (to vet them) and connect them with the owners promptly.

Buyer Criteria

-Must have the ability to close via cash sale

-Must be willing to close within the next 3 months (prior to construction starting)

-Preferred that the buyer has some sort of construction experience (but not a deal breaker)

Price

The price is $5M (negotiable). Buyer would have to pay for all remaining construction costs subsequent to the sale. Seller is open to an agreement to deliver the building constructed, but not for the price included here. At the end of the day terms are negotiable so if you are at all interested (even if you don’t agree with the price above) please PM me and we can hop on a call to discuss further.

Thank you everyone.  This request is temporarily closed

I am a tax accountant by trade but am looking to start investing in real estate.  I have a client that I have been working very closely with that has shared this interest and we have agreed to partner in this endeavor.

As an overall summary,  this individual is from Japan and sold off her business for a large lump sum of cash.  With some of the cash, they subsequently bought two apartments in Miami and own them outright.  I have since suggested financing those properties in order to obtain some leverage to buy other properties for purposes of furthering her buy and hold strategy.  The two Miami appartments are currently valued at approximately 500K in total, so I'm estimating that we have approximately $400K in spending power (that we'd prefer investing in Tristate New York or Southern Florida)

I am searching for someone through this website to partner with on the first deal.  I am open to Suggestions, advice, and/or partnership offers however I only will respond to experienced professionals.

Chris

Hello Everyone,

My name is Chris Rivera and I'm an aspiring buy and hold real estate investor.  I live in New York City and am  CPA a tax accountant by trade.  My parents own and manage several of their own real estate properties and my grandparents served as Supers for 30 years for a 30+ unit building in NYC so I have vast family experience in real estate which has sparked my interest.

As I'm sure many of you know, the NYC market is a very expensive market which has made it difficult for me to find financing to purchase.  In a perfect world I'd like to find a partner on this site that is willing to contribute downpayment cash for a NYC multi unit and allow me to run with all operations.  Coming from an accounting and tax background as well as growing up with a family that has real estate experience I'm confident that I have adequate experience to work efficiently with someone who has the cash to get started.

I'm open to networking so if anyone with experience in the NYC area is willing to connect I'm more than happy to do so!