NYC Beginner
I have located three sites that can be developed and need to make contact with an architect, equity investors and builders. What is the best way to find them? What would be the appropriate splits?
As an example:
60x100 (6000sqft lot)
FAR of 3.44 (4.0 with quality housing)
6000sqft x 4 FAR = 24,000 BSF (20,000 usable)
Owner wants $3 million for the land, but I will offer him 100 per BSF, which is $2.4 million (24000BSFx100)
Construction cost appx 250 BSF ($6 Million)
Comps in the area are 600 per sqft.
20,000 usable BSF x $600/sqft =12 Million
$12,000,000 - $8,400,000 = $3,600,000 profit
What would be a fair split for the investor that puts up the money for the land.
[addsig]
[ Edited by GFous on Date 06/03/2006 ]
Hi Gregg,
Thanks for your reply. I assume "TIC guys" mean "tenants in common". How does one find these TIC or private investors?
This project would be about 5-6 stories. I was thinking $250/sf all-in, is this not realistic? Also by vertical, do you mean to build up (exterior only), but not the interior work? What’s the other cost?
Can you give me an example of what yours deal would look like?
Please explain your help is greatly appreciated.
Thank you
Robb
Greetings,
As one of the other moderators........... I have been here off and on as well.......you usually find me more over in the Rehab section.
I typically delete post when they cross the line of advertising and or soliciation for business. I usually will notify those that violate the rules why I have deleted..........other times when there are numerous violations throughout the various forms I will just delete them just because we moderators do have a life outside of this site and we do not have time to sit down everying evening writing emails to those people that should have read the forum rules in the first place.
The forums are for give and take advice.......it is not to drum up business or solicit for same.......which includes going into giving ones lengthy creditentials in order to drum up business or letting people know that you have ABC development and are selling lots for..................etc.
We try to give as much latitude as possible but as woodsong and the other moderators will tell you there are problems with scam artist that pose as RE professionals using this site as another avenue to make a fast buck.
The moderators forum is a place where we often will discuss such things..............as it says in that private forum.......we talk about you guys. (smile)
Resubmit your question again.........but keep in mind what the forums are to be used for............
warm regards.....
NC_Yank
(moderator)
Yank,
Are you serious? You were able to negotiate a contract with Joel that allowed you to have an outside life??!!
Maybe we should have a union???
To pick up where I left off –
Our meetings with the neighborhood went well – our proposed plan was approved unanimously and then went formally filed the rezoning application and move to the Neighborhood Planning Unit (NPU) to ask for formal approval. This was done in December 2005 and are awaiting the meeting with the Zoning Review Board (ZRB) February and should get into the Council by March.
We used City available files to help with the conceptual land plan – however, our next steps will be to have the engineers do the full blown field survey, tree plan, etc. This will feed directly into the Civil engineering work and drawings that will be use to obtain our Land Disturbance Permit (LDP). Now this will take time – here in Atlanta – I understand this could take several months - If anyone has experience getting the LDP here in Atlanta – please give me some feedback on this.
I’ll come back and more detail over the next week – we should be closing our final parcels today.