Opportunity for hard money lenders and investors in Brooklyn multi-unit Building

[Raza Rizvi]

We are a group of residents in a 14-unit building in the desirable South Slope/Greenwood area of Brooklyn. In January 2024, NYC DOB vacate order was issued due to the building's structural instability, and all residents were forced to seek alternative housing. Despite this challenge, the building's prime location and unit layout make it an attractive investment opportunity. The foundation instability issues were discovered in 2018, and over $900,000 has been invested in repairs so far, but an additional $1.4 million is required to complete the work.

Opportunity for Hard Money Lenders and Investors

- Potential for High Money Lenders: to propose a plan to help us out of the financial stress and get us back into our homes.

- Low-Cost Acquisition: 7 units have outstanding arrears totaling approximately $770,000, and the building board is filing for foreclosure on 3 units. Additionally, some residents are willing to sell their apartments well below market value, providing potential financial relief for the building.

Details

- Location*: South Slope/Greenwood, Brooklyn

- Unit Mix*: 13 x 2-bedroom apartments and 1 x 1 bedroom apartment

- Appraised Value*: Over $800,000 per unit when the building was in good standing

- Repair Costs*: $900,000 invested, with an additional $1.4 million required

- Arrears*: Approximately $770,000 owed by 7 units

Seeking Innovative Solutions

We are open to creative proposals from hard money lenders and investors. If you have experience with multifamily buildings or distressed properties, we would love to hear from you. Please reach out with any suggestions or proposals.

Contact us to discuss this investment opportunity further.