Good afternoon:
A client of an attorney that Hallmark does business with is a builder/developer with 30+ years of experience building in New York and Florida. Because of the quality of his product and the success he has enjoyed, he is not only still around, but excellent opportunities in the current market have presented themselves to him.
He asked me to share them with associates who may have clients that look to invest in real estate projects on Long Island. These projects are located in two very desirable communities. If you have someone in mind that may be interested in a joint venture, I can connect him to the developer and they can take it from there.
Briefly, these are the two deals.
1) Located in Plainview, New York, there are eight single and separate contiguous lots that were subdivided on the property of a school. All permits and approvals have been obtained.
The builder had previously purchased and built on a lot owned by the school on the same property as the 8 lots, but in a different, much less desirable location. That house is in contract for $820,000. The time from land acquisition to contract signing was under one year. He believes that the eight houses in question should sell in the vicinity of $900,000.
The purchase price for the land is $2.4 MM or $300,000 a lot. The land would not be closed on for about 6-8 months. Because the new houses would be substantially the same as the house that just sold, the cost of construction is known to be approximately $350,000. Houses would not be built until pre-sold.
The builder is looking for a joint venture partner that would provide the land acquisition funds. There could be more than one joint venture participant, each committing to 25% of the funds.
2) Located in Bethpage, New York, this parcel of land has permits and approvals for a 21-unit apartment/condo project. The purchase price for the property is $2.1 MM ($100,000/unit), with the cost per unit for construction estimated at $100,000/unit. This type of dwelling is very popular now, and the builders market research indicates that the purchase price per unit will conservatively be $330,000.
The builder is looking for a joint venture partner that would provide the funds for acquisition and construction.
If you think you have any associates that might be interested, send me their contact information and I will put them in contact with the developer. He will be able to furnish them with greater detail on both.
Thank you for your time.
Mike
Michael Haltman, Partner
Hallmark Abstract Service LLC
131 Jericho Turnpike, Suite 205
Jericho, New York 11753
516.741.4723 (P)
516.338.7538 (F)
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