New York City Development Project For Sale
TD bank for the corner, definitely in...
Other tenants that have expressed sincere interest are Modell's and Wendys....
84,000 sf Development Deal
Existing 19,000 sf parcel of 5 stores and parking lot
$154 per buildable sf, $13M for the Project with Ground Lease
$226 per buildable sf, $19M for outright Purchase with basements for buildable floor plate of 19,016 sf of existing 9,766 sf of retail with a 9,20 sf parking lot behind the stores and entrance
Strategy 1: Purchase Leasehold for $13M. The project has leasehold income of $17,000 per month. The fee owner will hold allow the property to e subordinated for a construction loan. In this manner, the free cash flow of the 49 year leasehold will pay down the acquisition price and the construction loan.
Strategy 2: Purchase of Fee and Leasehold for $19M. This is an outright purchase of the leaseholder and the fee position for the building. There is no existing debt on the property. There is no ground lease payment of $17,000 per month.
Summary: For both strategies, without the anchor tenant, there is no deal. The free cash flow from the anchor tenant takes care of the debt service incurred to buy and build the project.
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