I wish to buy a building in upper Manhattan in order to convert the first floor and basement for professional services. However, I need to know of an investment broker who could get five individuals to invest $200,000.00. The deal is this: Each investor will get an apartment that will be converted into a professional suite. The investor will have the option of selling that unit for a price much higher than the $200,000.00 he invested or getting just his money back with interest. He will get his or her money back plus 5% per year of his/her money. All investors will have to agree to be in locked in for a minimum of 3 and ½ years unless the other co-investors feel that it is not against the viability of the entire project to have one of the initial five investors to get out of this project before 3 and ½ years.
We need to be aware that a professional unit in upper Manhattan costs much more than $200,000.00. The broker making this deal feasible will make a 5% commission on the $1,000,000.00 contributed by the initial 5 co-investors.
The building I am planning to buy is a 5 stories building with about 32 apartments in it. The reason the investors need to be locked in for at least 3 and ½ years is because there is some red tape that we have to deal with before proper permits are obtained from New York City’s building department.
Posted by:  FFlor New York City |
Relevant for:  New York |
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