Current Properties

244 10th Avenue

10th Avenue
Property 244 10th Avenue, located in the Chelsea Section of Manhattan.
Description Five story walkup with 8 apartments and 1 store.
Date Purchased September 1995
Purchase Amount $665,000, including renovation costs.
Condition at time of Purchase Dilapidated and partially vacant.
Repositioning Completely gut renovated the entire building. Decontrolled 7 of the 8 Units. Increased the existing rent roll from $105,000 to $265,000, (an increase of 152%).
Date Sold N/A – Still Owned
Estimated F.M.V $3,400,000
Cash Distributions Since acquisition, 80% of the investors’ original capital investment has been returned. Investors for the past 12 years have consistently received, on a monthly basis, a 23% annual cash-on-cash return on their remaining capital investment.
Other Financial Benefits Any net mortgage refinance proceeds, as well as their share of the property’s substantial appreciation when the property is sold.

The Chelsea Section of Manhattan has experienced a renaissance, both as a cultural center and as an area of dynamic growth and vitality. This is evidenced by the amount of new construction in the area, featuring high-end luxury condominiums, restaurants and art galleries, as well as the steady increase in rents for both residential and retail space. We believe this property is suited for an excellent condominium conversion in the future.

This investment was structured as a loan that included an option granted to the investors to purchase an equity interest in the property at a predetermined price. The proceeds of the loan were used to renovate the property. On November 1, 1997, investors exercised their option and obtained a 15% equity interest. A new permanent mortgage was obtained on November 7, 1997 and all loans were repaid.

Contact Info

Rolling Cash Equity Group
1430 Broadway - 14th floor
New York, N.Y. 10018
Tel: 646-519-8490
Fax: 646-519-8494