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NYC Multifamily Property in Receivership – Asking $100m+
A unique investment opportunity in New York City (Midtown Manhattan), comprised of a rarely available Class “A” property in a prime, Class “A” location with less than three (3%) vacancy rates. The property is currently available for acquisition at below market value.
The property is a 120+ units, 40+ story-high building with little or no need for capital improvements and/or repairs. Ownership are impeded to sell any units as the property is under receivership.
Details on subject property
Gross SF: 134,920 SF
Rentable SF: 95,082 SF
Lot size: 5,165 SF SF
Annual Market rent in the area: $55-60/S
Average sales price per SF $1,200
17 Studios (604 SF each)
91 One-bedroom (734 SF each)
13 Two-bedroom (1,117 SF each)
1 Commercial space (3,496 SF)
The asking price on the property is $100m+ plus thee (3%) finders’ fee. In the event of purchaser's interest, the sellers are looking for a vetted entity that the sellers/lien holders know possess the financial wherewithal.
(i) Non-Compete, Non-Disclosure Agreement (NCNDA)
(ii) Finders’ Fee Agreement (FFA)
(iii) Seller’s Confidentiality Agreement executed by purchaser
(iv) Letter of Intent/Interest (LOI) and commercial profile from purchaser
(v) (iv) Purchaser’s evidence of financial wherewithal
TIME IS OF THE ESSENCE
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