This investment summary is provided for informational purposes only and does not constitute an offer or solicitation to acquire interests in the investment or any related or associated company. Any such offer or solicitation may be made only by means of the confidential Private Placement Memorandum (“Memorandum”) and in accordance with the terms of all applicable securities and other laws. All information contained herein is subject to and qualified by the contents of the Memorandum. As more fully described therein, participation in any securities offering is limited to Accredited / Qualified Investors. Please contact 7TH Street Capital 285, LLC, wholly owned and managed by NRIA 7th Street Capital Manager, LLC, both subsidiaries of NRIA (“Sponsor”), to inquire about obtaining a copy of the Memorandum.
NRIA (“Sponsor”) is pleased to offer qualified investors the opportunity to participate in the acquisition, complete renovation, and conversion of a three-unit multifamily property (the “Property”) into a boutique three-unit high-end condominium development, located in a prime section of Park Slope, Brooklyn (NY). The Property is currently under contract, and scheduled to close mid-November, 2017.
Upon acquisition, NRIA has devised a ≈23-month development plan (that may be accelerated) that includes a complete renovation to efficiently maximize & modernize the usable square footage. The renovation period will be followed by a dedicated marketing process conducted by marketing partner: Compass, whereby the finished condominium units have been conservatively estimated to command ≈$1,319psf on average near the end of the project term (consistent with comparables in the immediate area today – see analysis). Please note, the construction lenders appraisal exhibited an average completed price PSF of ≈$1,378 ($5.90M gross sellout value, or ≈4.5% above Sponsors conservative estimate).
The Property is ideally located between 4th & 5th Avenues, two blocks (west) from another NRIA project; 494 7th Street, and a short walk to numerous restaurants, shops, grocers, and various retail outlets, just ≈3.25-miles from Manhattan, ≈2.25-miles from the Brooklyn Bridge, and within a short-walking distance to numerous subway lines making for an easy commute anywhere in NYC.