[RealEstate] Re: Condo Conversion in NYC

[Premier Commercial Capital, Inc]

Hi there.

I have a few general questions for you: 

1) How much money does this borrower have to put down?
2) How do they look on paper?
3) Do you have an Executive Summary?
4) Do you have a Uses of Funds Statement?
5) How long are they planning on the development to take?
6) Why are they having a hard time getting financing?
7) What do their resumes look like?
8) Will they need an Equity partner?

Thanks,
Paul T
Premier Commercial Capital, Inc.
http://www.pccapitalinc.com
800-211-7911 Ext 203


--- In RealEstate@yahoogroups.com, "pezman.rm" <[EMAIL PROTECTED]> wrote:
> 
> Hello All:
> 
>                   Ladies Mile Historic District
> 
> West 17th St.  ( 6 story building with Parking Lot)
>  West 18th St. ( 4 story building)
> 
> City has approved plans for 106 condos on the upper floors of the 2
> buildings. One building will be 13 stories,the other will be 16
> stories.
> The bottom 3 floors are approved for commercial /retail. The 
facade  
> must
> remain in compliance with the historic disrtict designation.
> 
> Net buildable area is 136,000 sq ft.
> Zoning is C6-4A;FAR of 10. Taxes now are $187,072 per year.
> 
> Price is $45 million and buildings will be delivered vacant. 
Prices are
> $1,000 a sq ft for condos in that area and rising. Buyer must pay a
> brokers
> commission of 3%. Principals only.
> 
> Sincerely
> Bill Perez
> Wellington Capital Group Inc.
> 12797 Pineacre Court,Suite 200
> Wellington,Fl 33414
> 866-459-3716
> Fax 775-251-8840
> [EMAIL PROTECTED]








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