All Forum Posts by: Joshua Mitchell

Thank you very much! Luckily we are working with an empty lot. Our pockets are not deep but we have full ownership of the land. We are in pre-development, and getting a clear picture of these initial soft costs has not been straightforward so I greatly appreciate the information.

I'm seeking opinions and examples of per-square-foot costs for constructing new multi-family developments in NYC. We are building a 10-unit semi-luxury condominium in Brooklyn. I have been estimated at somewhere around $300/sqft, this was around a year ago. Any insight would be greatly appreciated. Thank you.

We own a 4000 sq/ft lot in Brooklyn, NY, where we plan to build a 10-unit multifamily condominium. We have received proposals from several experienced architecture firms and are currently pitching the project to reputable general contractors. The estimated budget for this project is approximately 3 million USD.

We are seeking financing to cover the construction costs. Our plan includes selling some units upon completion to generate immediate revenue. This will enable us to pay down a significant portion of the construction loan. Subsequently, we intend to refinance the remaining loan based on the reduced principal and the revenue-generating potential of the unsold units. The remaining units will be held as rental properties, with the rental income used to service the refinanced loan, ensuring a steady cash flow.

I don't have any experience in NYC's new constructions but I have recruited an experienced team of brokers, GCs, and architects. I have built a single-family home and a church in another state. How can get this project financed? Does anyone know reputable lenders that would offer this kind of loan? I'm looking for any feedback.