Timeless Residential Condo Tower Development Opportunity in Union Square, Manhattan

05-Mar-2020

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An eternal optimist, Liu-Yue built two social enterprises to help make the world a better place. Liu-Yue co-founded Oxstones Investment Club a searchable content platform and business tools for knowledge sharing and financial education. Oxstones.com also provides investors with direct access to U.S. commercial real estate opportunities and other alternative investments. In addition, Liu-Yue also co-founded Cute Brands a cause-oriented character brand management and brand licensing company that creates social awareness on global issues and societal challenges through character creations. Prior to his entrepreneurial endeavors, Liu-Yue worked as an Executive Associate at M&T Bank in the Structured Real Estate Finance Group where he worked with senior management on multiple bank-wide risk management projects. He also had a dual role as a commercial banker advising UHNWIs and family offices on investments, credit, and banking needs while focused on residential CRE, infrastructure development, and affordable housing projects. Prior to M&T, he held a number of positions in Latin American equities and bonds investment groups at SBC Warburg Dillon Read (Swiss Bank), OFFITBANK (the wealth management division of Wachovia Bank), and in small cap equities at Steinberg Priest Capital Management (family office). Liu-Yue has an MBA specializing in investment management and strategy from Georgetown University and a Bachelor of Science in Finance and Marketing from Stern School of Business at NYU. He also completed graduate studies in international management at the University of Oxford, Trinity College.

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    Projected Capital structure: $174MM ($69.6MM equity, $104.4MM debt 60% at 7%)  

    105K gsf (55 residential units 74K nsf, retail 3K nsf, 18 auto parking spaces 4K nsf, storage 1K nsf)

    Strong fully integrated NYC developer with a successful track record in luxury residential development will build a timeless 21 story mixed use luxury residential tower and ground floor retail (283 ft tower – 55 units with 11 ft ceilings) in Union Square, Manhattan.  This exceptional development opportunity will have superior air and light amenities with unobstructed city and park views at an irreplaceable location with very limited supply of new residential housing units. 

    The development opportunity will also have automated parking spaces for 33% of the residential units (18 parking spots).  Parking is considered a very valuable commodity in New York.  An award-winning Latin master architect is involved in this project.  A famous designer will be the interior architect. 

    This development site is located in central Union Square neighborhood and close proximity to Greenwich Village, Gramercy Park, Chelsea, Flatiron, and East Village.  The property is further enhanced by immediate access to a major train station (Union Square station) 1 block away.  Residents will also benefit from convenient access to nightlife, universities, and numerous retail shops and restaurants. 

    Current Status and Current Site:
    This is a current live off-market investment opportunity.  Developer has assembled an exceptional development site to build 283foot tower in a neighborhood where other buildings are regulated at 120foot building height.  There are ‘0’ new residential developments within a 5block radius surrounding Union Square which provides an opportunity to build a highly differentiated residential project in an exciting NYC neighborhood with no competing residential projects. 

    The current site is a stabilized income generating commercial property earning close to $1MM NOI which the project can continue to earn while planning for the development.  The commercial tenant can be terminated with a small fee once developer is ready to develop site.   

    All-in cost: $1,662gsf / $2,132nsf

    Profit $67MM, IRR 23%, ERM 2x

    Sell-Out: $2,322pgsf/ $3,044pnsf  

    Acquired Land at $55.6MM: $531gsf / $681nsf

    Hard costs: $716gsf / $919nsf / Soft costs: $225gsf / $288nsf    

    Oxstones Real Estate, www.Oxstones.comCRE@Oxstones.com

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