Development Partner Wanted For 50 Acres- NJ, Suburban NYC
Hello I am new to the board, so forgive me if i do not know all the rules-
I currently have contracted 50 acres for a project in suburban NY, about 22 miles from NYC along the waterfront (across from Staten Island) (in NJ). I am looking to build a special entertainment/retail/hotel complex inside a redeveloping city, including a 10+ year tax abatement and UEZ status,
I am looking for a larger development partner. The project was part of a college thesis that I presented to the city and I feel I am not large enough to get it dont on my own even with pre-leases because land is hard to finance. The project is in-depth and i have already worked out grants, bond issue, and have a major builder on board.
I am in need of more financing and feel as if a development partner would be a good fit. I am getting the land at about half the price of its comp value, per acre. Please contact me via the board for now or click on my info to contact me. i look forward to discussing my project with you
If this project is for Perth Amboy... get everything in writing... and record all your conversations with the city officials.
Reeaaaally???!! Can you elaborate?
is this proposal for the ASARCO site?
no it is not
Presumably you are involved in a brownfield site. That was the only 50 acre parcel that I knew about. PARA annointed themselves as mastyer developer, then carved up the ASARCO site (reducing it from about 100 acres).
Have you been designated "redeveloper" for that site? Watch out for P.A.R.A. as in parasite.
Is the seller aware that you are doing a 1031 exchange? If so, He may be willing to give you an
extention. In the future I would recommend selling the property 1st. When you do a 1031 you have 6 months to close. I belive you can identify as many properties as you would like as long as you do it in 30 days, and close on one of them within 6 months. The other option is to make a contingency offer.
Buy the book "The Real Estate Recipe: Make Millions by Buying Small Apartment Properties in Your Spare Time," written by Brian Friedman. It is extremely detailed and goes through every step to analyze and purchase a sample 10-unit apartment.