|Current Ann. Return||–|
|Accrued Ann. Return||+
|Gross Ann. Return*|
|Current Ann. Return||–|
|Accrued Ann. Return||–|
|Gross Ann. Return*||23.5%|
|Term Remaining||– of –|
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.
The investment goal for 719 St. Nicholas is to relocate the three remaining tenants into a single floor of the building, then renovate the building, attain stabilized leases and sell the entire building to a single investor. However, if successful in completely relocating the tenants, we will convert the existing units into condominiums and sell them to individual owners. 721 St. Nicholas will also be renovated and sold to individual condominium owners.
|Capital Senior to Fundrise||1-49%||1|
|Capital Junior to Fundrise||10-19%||4|
|Sponsor’s Track Record||$250 million or more||1|
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.
|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|
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.
Across both properties all but three units are vacant, thereby allowing Urban Green Investments and Steeplechase Capital Partners to begin work immediately to renovate and reposition the asset. As such, Urban Green Investments and Steeplechase Capital Partners anticipate completing the entire project within 12 to 18 months.
|Address||719 St Nicholas Ave|
|City & State||New York, NY|
|Product Type||Mixed-Use / Retail, Residential|
|Project Phase||Value-Add / Cosmetic Renovation|
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.
The acquisition prices of the subject properties are significantly below that of the competitive set, in part due to the amount of deferred maintenance and capital required for the subject in addition to the SRO configuration and rental restrictions at 719 St Nicholas. The anticipated exit pricing for 721 St. Nicholas is very much in line with similar quality condominium product nearby.
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.View full profile