New York Multifamily Rehab

gross ann. return*
term remaining
Current Ann. Return
Accrued Ann. Return
Gross Ann. Return* 23.5%

Investment Details

Current Ann. Return
Accrued Ann. Return
Gross Ann. Return* 23.5%
Term Remaining – of –
Min. Investment $5,000
Investment Size $400,000
Security Type Equity

Investment Summary

Urban Green Investments and Steeplechase Capital Partners, as owners and developers, plan to renovate 719 and 721 St. Nicholas Avenue in Harlem, New York. 719 St. Nicholas is currently a building comprised of 10 SRO units and 721 St. Nicholas is a 7,700 square foot mixed use building.

Key Deal Points

Is the acquisition price of the property attractive?

The seller of the property is a large yield focused institutional investor who is not in the business of renovating and repositioning real estate. They are a motivated seller. Similar investment property sales have recently traded in excess of $400 psf compared to our acquisition price of $228 psf.

How quickly can the properties be renovated and sold?

Across both properties all but three units are vacant, thereby allowing UGISC to begin work immediately to renovate and reposition the asset. As such, UGISC anticipates completing the entire project within 12-18 months.

What happens if you cannot sell the condos?

While the business plan is to renovate and sell 721 St. Nicholas to individual condo buyers, the property is able to generate positive cash-flow under a for-rent scenario.

Fundrise Rating

The Fundrise Rating is a letter rating ranging from A to E that provides investors with the ability to easily compare investments across the Fundrise platform. The Fundrise rating measures the relative risk-adjusted return of an investment. Learn more
Category Assessment Points
Capital Senior to Fundrise 1-49% 1
Capital Junior to Fundrise 10-19% 4
Location Primary 1
Occupancy Vacant 3
Development Phase Value-Add 2
Sponsor’s Track Record $250 million or more 1
Overall 12 C1

The information contained in the Fundrise Rating is for informational purposes only. It is impersonal and not individualized for any specific investor's financial situation and is not investment advice. These ratings are not intended to be, nor should you interpret them to be, a prediction of how a particular investment will actually perform. You should always carefully consider investments in any security and be comfortable with your understanding of the investment. You may also consider consulting investment professionals.

Capital Structure

Type Source % of Total Amount
GP Equity Sponsor and local partner 10.8% $609,000
LP Equity Private Investors 34.2% $1,936,000
LP Equity Fundrise Offering 7.1% $400,000
Senior Debt 48.0% $2,715,000
Total 100.0% $5,660,000

Property Summary

719-721 St. Nicholas offers the opportunity to buy a clear path towards value creation in the Sugar Hill Neighborhood of Harlem. Together, 719 and 721 St. Nicholas make up 13,165 square feet, 10 SRO units and 5 condominiums within 5 stories.

Address 719 St Nicholas Ave
City & State New York, NY
Neighborhood Harlem
Product Type Mixed-Use / Retail, Residential
Project Phase Value-Add / Cosmetic Renovation

Market Summary

Harlem is enjoying a new renaissance — an explosion of development. Harlem residents are finding a new range of shopping options, as 125th Street, once known for its independent bazaars, is now home to more mainstream brands, and even the political offices of former President Clinton. There is a healthy appetite for condominiums and retail space in Harlem, as illustrated by the progression of homebuyers moving northwards.

About the Sponsor

David McCloskey

Chief Executive Officer

Tom McCloskey


Peter Hagist

Chief Investment Officer

Peter Lynch


Novak Vukasinovic

Partner & Development Manager

Jasmine Nazari

Investor Relations

UGISC are Joint Ventures between Urban Green Investments and Steeplechase Real Estate Partners. Both companies have extensive experience in adding value and managing real estate, with over $400 Million in assets under management currently. UGISC is a fully integrated real estate investment and development company that has been an active player in the California and New York real estate markets. The company is headquartered in San Francisco and Harlem and invests in three major platforms: cash-flowing multi-family properties, in-fill land entitlement projects and distressed office or multi-family assets. UGISC directly invests in projects and also works in conjunction with both large institutional funds and accredited investors. The company is actively pursuing new acquisitions within each platform to significantly increase the size of its real estate portfolio.

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Other Past Investments

DC Luxury Condo Loft Conversion

Washington, DC
Gross Ann. Return* 15.0%
Term Remaining 0 mo.
Underlying Security Preferred Equity

Atlanta Condo Pre-Development Loan

Atlanta, GA
Gross Ann. Return* 14.0%
Term Remaining 0 mo.
Underlying Security Senior Debt